The board of trustees shall have the following general powers:

A. to control, care for and manage the common lands of the grant and all the property pertaining thereto, to prescribe the terms on which they may be used and to make all necessary and proper regulations for the government thereof;

B. to sue and be sued under the title set forth in Section 49-8-1 NMSA 1978;

C. to lease any portions of the common land or the pasturage thereon and to sell any timber, wood, stone, grass or other product or personal property of the grant;

D. to pay all taxes and other expenses due on the common land; and

E. in case the income exceeds the expenses, to expend the balance to benefit all the owners equitably or for improvements upon the common land that will be for the general benefit of the owners.

The board of trustees shall make a report in writing of its transactions during the preceding year, including an account of all money received and expended, at the opening of the annual meeting of the owners.

History: Laws 1909, ch. 52, § 4; Code 1915, § 865; C.S. 1929, § 29-804; 1941 Comp., § 9-804; 1953 Comp., § 8-8-4; Laws 1997, ch. 16, § 4.

The 1997 amendment, effective June 20, 1997, added the section heading, substituted "board of trustees" for "board" in the introductory paragraph, substituted "set forth in Section 49-8-1 NMSA 1978" for "aforesaid" at the end of Subsection B, substituted "to benefit all the owners equitably or for" for "in such" in Subsection E, substituted "board of trustees" for "board" at the beginning of the last paragraph, and deleted "of interests at the time of each annual election" at the end of that paragraph; and made minor stylistic changes throughout the section.