A professional corporation may be organized only for the purpose of rendering one specific type of professional service and services ancillary thereto and shall not engage in any business other than rendering the professional service which it was organized to render and services ancillary thereto; provided, however, that a professional corporation may own real and personal property necessary or appropriate for rendering the type of professional service it was organized to render and may invest its funds in real estate, mortgages, stocks, bonds and any other type of investments.
History: 1953 Comp., § 51-22-5, enacted by Laws 1963, ch. 16, § 5.
Law reviews. — For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations §§ 28, 30, 31; 18A Am. Jur. 2d Corporations §§ 192 to 198.
Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
18 C.J.S. Corporations § 28.
Structure 2021 New Mexico Statutes
Article 6 - Professional Corporations
Section 53-6-1 - Purpose of act.
Section 53-6-4 - Incorporation.
Section 53-6-5 - Purposes for which incorporated.
Section 53-6-6 - Corporate name.
Section 53-6-7 - Professional services through officers, employees, and agents.
Section 53-6-9 - Issuance and transfer of shares.
Section 53-6-10 - Sale and transfer of shares.
Section 53-6-11 - Contingent purchase or redemption price.
Section 53-6-12 - Disqualification; dissolution.