A. Any person or domestic corporation or association organized for the purpose of carrying on a business in New Mexico may, regardless of the provisions of any certificate of incorporation, charter or other articles of organization, make contributions or gifts, grants, bequests, devises or loans to the foundation.
B. Any institution of higher education or nonprofit corporation having funds available for student scholarships or student loans, regardless of the provisions of its charter, certificate of incorporation or other articles of organization including bylaws, may loan these restricted funds to the foundation under such terms and conditions as may be mutually agreed upon for the purpose of making educational loans.
History: Laws 1981, ch. 319, § 19; 1983, ch. 213, § 24; 2005, ch. 201, § 9.
The 2005 amendment, effective June 17, 2005, changed "insured educational loans" to "educational loans" in Subsection B.
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