A. A research park corporation shall, within ninety days following the close of each fiscal year, submit an annual report of its activities for the preceding year as required by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] or the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978] under which the research park is incorporated. The board of directors of the research park corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform an examination and audit of the accounts and books of the research park corporation, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing, and the certified public accountant shall make a determination as to whether the research park corporation has complied with the provisions of the University Research Park and Economic Development Act. The person performing the audit shall furnish copies of the audit report to the regents of the university and the secretary of state, where they shall be placed on file and made available for inspection by the general public.
B. Subject to the provisions of any contract with bondholders or noteholders, a research park corporation shall prescribe a system of accounts.
C. The costs of audits and examinations performed pursuant to this section shall be paid by the research park corporation.
History: Laws 1989, ch. 264, § 17; 2007, ch. 247, § 14; 2013, ch. 75, § 13.
ANNOTATIONSThe 2013 amendment, effective July 1, 2013, required that the auditor furnish a copy of the audit of a research park corporation to the secretary of state; and in Subsection A, in the third sentence, after "university and the" deleted "public regulation commission" and added "secretary of state".
The 2007 amendment, effective June 15, 2007, changed the name of the act and changed state corporation commission to public regulation commission.