Upon termination or dissolution, all rights and properties of the foundation shall pass to and be vested in the state, subject to the rights of any bondholders, lienholders and other creditors.
History: Laws 1981, ch. 319, § 21; 2011, ch. 168, § 7.
The 2011 amendment, effective June 17, 2011, eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978.
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.