Section 53-11-32 - Quorum of shareholders.

NM Stat § 53-11-32 (2019) (N/A)

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Unless otherwise provided in the articles of incorporation, a majority of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders, but in no event shall a quorum consist of less than one-third of the shares entitled to vote at the meeting. A quorum, once attained at a meeting, shall be deemed to continue until adjournment notwithstanding the voluntary withdrawal of enough shares to leave less than a quorum. If a quorum is present, the affirmative vote of the majority of the shares represented at the meeting and entitled to vote on the subject matter shall be the act of the shareholders, unless the vote of a greater number or voting by classes is required by the Business Corporation Act or the articles of incorporation.

History: 1953 Comp., § 51-24-31, enacted by Laws 1967, ch. 81, § 31.

Compiler's notes. — This section is derived from Section 32 of the ABA Model Business Corporation Act.

Law reviews. — For article, "1975 Amendments to the New Mexico Business Corporation Act," see 6 N.M.L. Rev. 57 (1975).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 993 to 998; 18B Am. Jur. 2d Corporations § 1372.

Stockholders required for quorum or vote as determined by number of shares, 63 A.L.R. 1106.

18 C.J.S. Corporations § 370.

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Section 53-11-31 - Voting list.

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Section 53-11-33 - Voting of shares.