The directors named in the articles of incorporation shall hold their offices for one year from and after the date of the filing of said articles as provided in Section 63-1-6 NMSA 1978, or until their successors are elected and qualified; thereafter, directors must be elected annually by the stockholders at such time as may be provided in the bylaws of the corporation: provided, that, if no time be fixed in the bylaws, such elections shall be had on the first Wednesday in July of each year.
History: Laws 1878, ch. 1, ch. [tit.] 3, § 2; C.L. 1884, § 2634; C.L. 1897, § 3816; Code 1915, § 4674; C.S. 1929, § 116-122; 1941 Comp., § 74-113; 1953 Comp., § 69-1-13.
ANNOTATIONSBracketed 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. — 18B Am. Jur. 2d Corporations §§ 1362, 1363, 1365, 1395, 1396.
19 C.J.S. Corporations §§ 272 to 283.