Any corporation organized under any general or special act of the territory or state of New Mexico, including railroad, telegraph and express companies, building and loan associations, banks and savings banks, trust companies, land and irrigation companies and other corporations possessing the right to take and condemn lands, may increase or decrease its capital stock, change its name, the par value of the shares of its capital stock or the location of its principal office in or out of this state, extend its corporate existence and fix any method of altering its by-laws [bylaws] permitted by the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978]. Any corporation organized under Laws 1878, Chapter 1 [63-1-1 to 63-1-8 NMSA 1978], may extend its corporate existence in the manner prescribed in the Business Corporation Act. Any corporation except a corporation exercising the right of eminent domain may, in the same manner, relinquish one or more branches of its business to such branches as might have been inserted in its original certificate of incorporation; provided, however, that original articles of incorporation of railroad corporations, and articles of incorporation and consolidation of railroad corporations incorporated or consolidated under the laws of the territory or state of New Mexico, or under the laws of the territory or state and any other state or states, or any such articles which may have heretofore been amended, may be amended or further amended by providing that the term of corporate existence of the corporation shall be perpetual.
History: Laws 1905, ch. 79, § 31; Code 1915, § 915; Laws 1915, ch. 76, § 1; C.S. 1929, § 32-132; Laws 1937, ch. 84, § 1; 1941 Comp., § 54-221; Laws 1947, ch. 29, § 1; 1953 Comp., § 51-2-21; recompiled as 1953 Comp., § 51-12-10 by Laws 1967, ch. 87, § 5.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Filing with county clerks. — No requirement exists in this provision for filing or recording articles of incorporation, or amendments, with the county clerks. 1968 Op. Att'y Gen. No. 68-108.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations §§ 79 to 95.
18 C.J.S. Corporations §§ 54 to 61.