Whenever a section of the Business Corporation Act specifies the vote of the holders of a certain proportion of the shares, or of any class or series thereof, for the taking of any action by the shareholders of a corporation, the articles of incorporation may require a greater proportion. An amendment to the articles of incorporation which adds, changes or deletes a provision for a greater proportion must be adopted by the same vote as would be required to take action under the provision to be adopted or then in effect, whichever is greater.
History: 1978 Comp., § 53-18-6, enacted by Laws 1983, ch. 304, § 71.
Repeals and reenactments. — Laws 1983, ch. 304, § 71, repealed former 53-18-6 NMSA 1978, relating to greater voting requirements, and enacted the above section.
Compiler's notes. — This section is derived from Section 143 of the ABA Model Business Corporation Act.
Law reviews. — For article, "1983 Amendments to the New Mexico Business Corporation Act and Related Statutes," see 14 N.M.L. Rev. 371 (1984).
Am. Jur. 2d, A.L.R. and C.J.S. references. — Validity, construction, and effect of provision in charter or bylaw requiring supermajority vote, 80 A.L.R.4th 667.
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