A. Any person or domestic corporation or association organized for the purpose of carrying on a business in New Mexico may, regardless of the provisions of any certificate of incorporation, charter or other articles of organization, make contributions or gifts, grants, bequests, devises or loans to the foundation.
B. Any institution of higher education or nonprofit corporation having funds available for student scholarships or student loans, regardless of the provisions of its charter, certificate of incorporation or other articles of organization including bylaws, may loan these restricted funds to the foundation under such terms and conditions as may be mutually agreed upon for the purpose of making educational loans.
History: Laws 1981, ch. 319, § 19; 1983, ch. 213, § 24; 2005, ch. 201, § 9.
The 2005 amendment, effective June 17, 2005, changed "insured educational loans" to "educational loans" in Subsection B.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 21A - Educational Assistance
Section 21-21A-1 - Short title.
Section 21-21A-3 - Definitions.
Section 21-21A-5 - Nonprofit foundation authorized; purpose.
Section 21-21A-6 - Foundation; board of directors; members; terms; meetings; bylaws.
Section 21-21A-7 - Foundation powers.
Section 21-21A-8 - Issuance of revenue bonds.
Section 21-21A-9 - Status of bonds.
Section 21-21A-10 - Refunding bonds.
Section 21-21A-11 - Trust agreements authorized.
Section 21-21A-12 - Pledge of assets or revenues of foundation.
Section 21-21A-13 - All money received deemed trust funds.
Section 21-21A-14 - Rights of holders of bonds.
Section 21-21A-15 - Legal investments; tax exemption.
Section 21-21A-16 - Annual report and audit.
Section 21-21A-19 - Gifts by persons, corporations, institutions and associations.
Section 21-21A-21 - Dissolution of foundation.
Section 21-21A-22 - Agreement with the state.
Section 21-21A-24 - Educational assistance; foundation activities not affected by repeal.
Section 21-21A-25 - Educational assistance; nonprofit corporation status not affected by repeal.