N.M. Stat. § 62-15-30
Act exemption.
The provisions of the Securities Act, Chapter 44, Session Laws of New Mexico,
1921, shall not apply to the issuance of any note, bond or other evidence of
indebtedness issued, executed and delivered by any cooperative to the United States of
America or any agency or instrumentality thereof. The provisions of said Securities Act
shall not apply to the issuance of membership certificates by any cooperative.