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Section 53-4-21 - Referendum.

NM Stat § 53-4-21 (2019) (N/A)
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The articles or by-laws [bylaws] may provide that within a specified period of time any action taken by the directors must be referred to the members for approval or disapproval if demanded by petition of at least ten percent (10%) of all the members or by vote of at least a majority of the directors. However, the rights of third parties which have vested between the time of such action and such referendum shall not be impaired thereby.

History: Laws 1939, ch. 164, § 21; 1941 Comp., § 54-1421; 1953 Comp., § 51-15-21.

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

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Section 53-4-20 - Removal of directors and officers.
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Section 53-4-21.1 - Disposition of property.