N.M. Stat. § 53-4-36
Voluntary dissolution.
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.