The liquidation of the assets and business of a corporation may be discontinued at any time during the liquidation proceedings when it is established that cause for liquidation no longer exists. In such event, the court shall dismiss the proceedings and direct the receiver to redeliver to the corporation all its remaining property and assets.
History: 1953 Comp., § 51-29-20, enacted by Laws 1967, ch. 81, § 98.
Compiler's notes. — This section is derived from Section 101 of the ABA Model Business Corporation Act.
Action to liquidate or dissolve. — A derivative action is authorized by 53-16-16 NMSA 1978 and the court is authorized to discontinue the liquidation or to dissolve the corporation under 53-16-21 NMSA 1978 and this section as is necessary to do justice to all involved. Prager v. Prager, 1969-NMSC-149, 80 N.M. 773, 461 P.2d 906.
Structure 2021 New Mexico Statutes
Article 16 - Business Corporations; Dissolution of Corporations
Section 53-16-1 - Voluntary dissolution by incorporators.
Section 53-16-2 - Voluntary dissolution by consent of shareholders.
Section 53-16-3 - Voluntary dissolution by act of corporation.
Section 53-16-4 - Filing statement of intent to dissolve.
Section 53-16-5 - Effect of statement of intent to dissolve.
Section 53-16-6 - Procedure after filing of statement of intent to dissolve.
Section 53-16-7 - Revocation of voluntary dissolution proceedings by consent of shareholders.
Section 53-16-8 - Revocation of voluntary dissolution proceedings by act of corporation.
Section 53-16-9 - Filing statement of revocation of voluntary dissolution proceedings.
Section 53-16-10 - Effect of statement of revocation of voluntary dissolution proceedings.
Section 53-16-11 - Articles of dissolution.
Section 53-16-12 - Filing of articles of dissolution.
Section 53-16-13 - Involuntary dissolution.
Section 53-16-14 - Notification to attorney general.
Section 53-16-15 - Venue and process.
Section 53-16-16 - Jurisdiction of court to liquidate assets and business of corporation.
Section 53-16-17 - Procedure in liquidation of corporation by court.
Section 53-16-18 - Qualifications of receivers.
Section 53-16-19 - Filing of claims in liquidation proceedings.
Section 53-16-20 - Discontinuance of liquidation proceedings.
Section 53-16-21 - Decree of involuntary dissolution.
Section 53-16-22 - Filing of decree of dissolution.
Section 53-16-23 - Deposit with state treasurer of amount due certain shareholders.