All persons who assume to act as a corporation without authority to do so are jointly and severally liable for all debts and liabilities incurred or arising as a result thereof.
History: 1953 Comp., § 51-31-8, enacted by Laws 1967, ch. 81, § 129.
Compiler's notes. — This section is derived from Section 146 of the ABA Model Business Corporation Act.
Law reviews. — Annual Survey of New Mexico Corporate Law, see 17 N.M.L. Rev. 253 (1987).
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