A. If the public regulation commission [secretary of state] finds that the application for a certificate of authority meets the requirements of the Foreign Business Trust Registration Act and the requisite fees have been paid, it shall:

(1) endorse on the original the word "filed" and the month, day and year of the filing;

(2) file in its office the original of the application; and

(3) issue a certificate of authority to transact business in this state to which it shall affix a copy of the application.

B. The certificate of authority, together with a copy of the application affixed to it, shall be returned by the public regulation commission [secretary of state] to the business trust or its representative.

History: Laws 2001, ch. 200, § 89.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state. See 8-4-7 NMSA 1978.

Cross references. — For penalties imposed for failure to obtain a certificate of authority, see 53-20-16 NMSA 1978.

Effective dates. — Laws 2001, ch. 200, § 101 made the Foreign Business Trust Registration Act effective July 1, 2001.

Temporary provisions. — Laws 2001, ch. 200, § 100 delineated the rights of foreign business trusts transacting business in the state as of the effective date of the Foreign Business Trust Registration Act, July 1, 2001.

Laws 2001, ch. 200, § 100(B) provided foreign business trusts existing and transacting business in New Mexico on July 1, 2001 a period of up to one year in which to fulfill the requirements to obtain a certificate of authority of the Foreign Business Trust Registration Act; while § 100(A) states that these foreign business trusts will be treated as having a certificate of authority during the period before they obtain it. Starting July 1, 2002 all foreign business trusts must have a certificate of authority to transact business in New Mexico.