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Section 63-1-20 - [Assessment remaining unpaid; requirements for new levy.]

NM Stat § 63-1-20 (2019) (N/A)
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No assessment shall be levied while any portion of a previous one remains unpaid, unless:

A. the power of the corporation has been exercised in accordance with the provisions of this chapter, for the purpose of collecting such previous assessment;

B. the collection of the previous assessment has been enjoined; or

C. the assessment falls within the first proviso contained in the preceding section [63-1-19 NMSA 1978].

History: Laws 1878, ch. 1, ch. [tit.] 5, § 2; C.L. 1884, § 2656; C.L. 1897, § 3838; Code 1915, § 4659; C.S. 1929, § 116-107; 1941 Comp., § 74-120; 1953 Comp., § 69-1-20.

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

Compiler's notes. — The term "this chapter" refers to Laws 1878, ch. 1, ch. (tit.) 5, the provisions of which are presently compiled as 63-1-19 to 63-1-27 NMSA 1978. See also compiler's note to 63-1-1 NMSA 1978.

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Section 63-1-19 - [Calls for installment payment of subscriptions; notice of assessment; publication; form; default; suit or sale of shares.]
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Section 63-1-21 - [Transfer of shares sold for assessment.]