At all meetings of the stockholders for any purpose, a majority of the subscribed capital stock must be represented by the holders thereof, in person or by proxy, in writing. Every person acting thereat, in person, or by proxy, or by representative, must be a bona fide stockholder, having stock in his own name on the stock books of the corporation, at least ten days prior to the meeting. Any election or vote had, other than in accordance with the provisions of this chapter, shall be voidable at the instance of absent stockholders, and may be set aside upon petition to the district court for the county where the same was had. Any regular or called meeting of the stockholders may be adjourned from day to day, or from time to time, if, for any cause, there are not present stockholders representing a majority of the subscribed stock, or no election or majority vote had. Such adjournments, and the reasons therefor, shall be noted in the minutes of the proceedings of the meeting, which shall be recorded in the journal of proceedings of the board of directors.
History: Laws 1878, ch. 1, ch. [tit.] 3, § 8; C.L. 1884, § 2640; C.L. 1897, § 3822; Code 1915, § 4680; C.S. 1929, § 116-128; 1941 Comp., § 74-133; 1953 Comp., § 69-1-33.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The term "this chapter" refers to Laws 1878, ch. 1, ch. (tit.) 3, the provisions of which are presently compiled as 63-1-12 to 63-1-18 and 63-1-31 to 63-1-40 NMSA 1978. See also compiler's note to 63-1-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 993 to 998, 1012 to 1014, 1026, 1029, 1069; 18B Am. Jur. 2d Corporations §§ 1372, 1373.
18 C.J.S. Corporations § 213.