A. The provisions of the Business Corporation Act apply to all existing corporations organized under any general act of this state providing for the organization of corporations for a purpose or purposes for which a corporation might be organized under the Business Corporation Act, where the power has been reserved to amend, repeal or modify the act under which the corporation was organized and where the act is repealed by the Business Corporation Act.
B. The provisions of the Business Corporation Act also apply to the special class of corporations known as "no stockholder liability" corporations organized under Laws 1905, Chapter 79, Section 23 [53-2-8 NMSA 1978], as amended, but no stockholder's liability for unpaid stock shall attach to any shares issued by such corporations which continue to comply with the requirements set forth in Laws 1905, Chapter 79, Section 23, as amended.
History: 1953 Comp., § 51-31-9, enacted by Laws 1967, ch. 81, § 130.
Compiler's notes. — This section is derived in part from Section 147 of the ABA Model Business Corporation Act.
Legislative intent. — The legislature intends the Business Corporation Act to operate retrospectively except as it may affect substantive rights. Prager v. Prager, 1969-NMSC-149, 80 N.M. 773, 461 P.2d 906.
Law reviews. — Annual Survey of New Mexico Corporate Law, see 17 N.M.L. Rev. 253 (1987).
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