N.M. Stat. § 63-1-32
[Quorum for stockholders' meeting; adjournment; record.]
At all meetings of the stockholders for any purpose, a majority of the subscribed
capital stock must be represented by the holders thereof, in person or by proxy, in
writing. Every person acting thereat, in person, or by proxy, or by representative, must
be a bona fide stockholder, having stock in his own name on the stock books of the
corporation, at least ten days prior to the meeting. Any election or vote had, other than
in accordance with the provisions of this chapter, shall be voidable at the instance of
absent stockholders, and may be set aside upon petition to the district court for the
county where the same was had. Any regular or called meeting of the stockholders may
be adjourned from day to day, or from time to time, if, for any cause, there are not
present stockholders representing a majority of the subscribed stock, or no election or
majority vote had. Such adjournments, and the reasons therefor, shall be noted in the
minutes of the proceedings of the meeting, which shall be recorded in the journal of
proceedings of the board of directors.