Section 53-4-9 - Contents of by-laws [bylaws].

NM Stat § 53-4-9 (2019) (N/A)

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The by-laws [bylaws] may, within the limitations set forth herein provide for:

A. the method and terms of admission to membership and the disposal of members' interests on cessation of membership for any reason;

B. the time, place and manner of calling and conducting meetings;

C. the number or percentage of the members constituting a quorum;

D. the number, qualifications, powers, duties, term of office, and manner, time and vote for election, of directors and officers; and the classification, if any, of directors;

E. the compensation, if any, of the directors, and the number of directors necessary to constitute a quorum;

F. the method of distributing the net savings;

G. the various discretionary provisions herein as well as other provisions incident to the purposes and activities of the association.

History: Laws 1939, ch. 164, § 9; 1941 Comp., § 54-1409; 1953 Comp., § 51-15-9.

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

Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 13 to 15; 18 Am. Jur. 2d Corporations §§ 17, 18; 18A Am. Jur. 2d Corporations §§ 310, 311, 314 to 318, 320, 321, 323, 325, 326, 331.

18 C.J.S. Corporations §§ 113 to 115; 43 C.J.S. Industrial Cooperative Societies § 4.

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Section 53-4-8 - Adoption, amendment, or repeal of by-laws [bylaws].

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Section 53-4-9.1 - Indemnification of officers and directors.