The members of any mutual association, heretofore or hereafter incorporated, may provide for and create a capital stock of such corporation, upon the consent in writing of all the members of the corporation, and may provide for the payment of such stock, and fix and prescribe the rights and privileges of the stockholders therein.
History: Laws 1905, ch. 79, § 122; Code 1915, § 1006; C.S. 1929, § 32-226; 1941 Comp., § 54-1005; 1953 Comp., § 51-12-5.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 431 to 434, 484.
Effect of charter provisions, 15 A.L.R. 1232.
18 C.J.S. Corporations §§ 129 to 143.
Structure 2021 New Mexico Statutes
Article 2 - Fees and Miscellaneous Corporation Law
Section 53-2-1 - Fees of secretary of state.
Section 53-2-2 - Authority to make refunds.
Section 53-2-3 - Disposition of fees.
Section 53-2-4 - Corporations; compilation.
Section 53-2-5 - [Mutual associations; creation of capital stock.]
Section 53-2-7 - Amendments by corporations formed under other acts.
Section 53-2-8 - No stockholder's liability; separate class of corporation.
Section 53-2-9 - Validation of unsealed instruments.