If the articles of incorporation or the bylaws of a professional corporation fail to fix a price at which the corporation or its shareholders may purchase the shares of a deceased or disqualified shareholder, then the price for the shares shall be the book value of the shares as of the end of the month immediately preceding the death or disqualification of the shareholder.
History: 1953 Comp., § 51-22-11, enacted by Laws 1963, ch. 16, § 11; 1969, ch. 245, § 6.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1190, 1191.
Structure 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.