N.M. Stat. § 53-4-36

Voluntary dissolution.

Last amended: 1939Year: 2026Length: 177 wordsOfficial source
An association may, at any regular or special meeting legally called, be directed to dissolve by a vote of two-thirds of the entire membership. By a vote of a majority of the members voting three of their number shall be designated as trustees, who shall, on behalf of the association and within a time fixed in their designation or within any extension thereof, liquidate its assets, pay its debts and expenses; return to the members the par value of their shares or of their membership certificates; return to subscribers the amount paid on their subscriptions, to patrons the amount of savings returns credited to their accounts toward purchase of shares or membership certificates; and distribute any surplus in either or both of the following ways, as the articles may provide: A. among those patrons who have been members or subscribers at any time during the past six years, on the basis of their patronage during that period; B. as a gift to any consumers' cooperative association or other nonprofit enterprise which may be designated in the articles.
N.M. Stat. § 53-4-36: Voluntary dissolution. | Justis AI