All purchases of its own stock made by any corporation, as provided in the last section [63-1-22 NMSA 1978], shall vest the legal title to the same in the corporation; and the stock so purchased shall be held subject to the control of the stockholders, who may make such disposition of the same as they may deem proper, in accordance with the bylaws of the corporation, or by vote of the stockholders representing a majority of all the remaining shares. Whenever any portion of the capital stock of a corporation is held by the corporation by purchase, as aforesaid, a majority of the remaining shares shall be a majority of the stock for all purposes of election, or voting on any question at the meeting of the stockholders.
History: Laws 1878, ch. 1, ch. [tit.] 5, § 5; C.L. 1884, § 2659; C.L. 1897, § 3841; Code 1915, § 4662; C.S. 1929, § 116-110; 1941 Comp., § 74-123; 1953 Comp., § 69-1-23.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.