The incorporators of an association formed under Chapter 3, Article 28 NMSA 1978 shall execute a certificate setting forth:
A. the name of the association. No name shall be assumed that is in use by another association or corporation in this state or so nearly similar as to lead to uncertainty or confusion;
B. the names of the incorporators;
C. the location of its principal office in this state;
D. the objects and purposes of the association, the county or counties in which its operations are to be carried on and the general description of the lands, reservoir, pipelines and water or natural gas supply systems to be used under the management of the association;
E. the amount of capital stock and number and denomination of the shares or, if the incorporators do not desire to issue shares of stock, the plan and manner of acquiring membership and of providing funds or means for the acquisition, construction, improvement and maintenance of its works and for its necessary expenses;
F. the period, if any, limited for the duration of the association; and
G. the number of members to serve upon the board of directors of the association and the duration of their offices, and it may name the persons who shall serve as the board of directors for the first three months or until their successors are duly appointed and qualified.
The certificate or any amendment thereof may also contain any provision not inconsistent with the law of this state that the incorporators may choose to insert for the regulation and conduct of the affairs of the association extending its membership, enlarging or changing the scope of its operations, creating and enforcing a lien upon the reservoirs, works, water rights and pipelines of the association or its members for the cost of the acquisition, construction, repair, improvement and maintenance of same, collecting the necessary funds for expenses and purposes of the association, defining or limiting its powers and for its dissolution and the distribution or other disposition of its property.
History: 1953 Comp., § 14-27-3, enacted by Laws 1965, ch. 300; 1990, ch. 60, § 3.
ANNOTATIONSThe 1990 amendment, effective March 2, 1990, deleted the "and" at the end of Subsection G, deleted the subsection designation "H" at the beginning of the final paragraph of the section, and made minor stylistic changes throughout.