Any corporation organized on a nonprofit or a cooperative basis for the purpose of supplying electric energy in rural areas and owning and operating electric transmission or distribution lines in a state adjacent to this state shall be permitted to extend its lines into and to transact business in this state without complying with any statute of this state pertaining to the qualification of foreign corporations for the transaction of business in this state. Any such foreign corporation, as a prerequisite to the extension of its lines into and the transaction of business in this state, shall, by an instrument executed and acknowledged in its behalf by its president or vice president under its corporate seal attested by its secretary, designate the secretary of state as its agent to accept service of process in its behalf. If any process is served upon the secretary of state, the secretary of state shall forthwith forward the process by registered mail to the corporation at the address specified in such instrument. Any such corporation may sue and be sued in the courts of this state to the same extent that a cooperative may sue or be sued in such courts. Any such foreign corporation may secure its notes, bonds or other evidences of indebtedness by mortgage, pledge, deed of trust or other encumbrance upon any or all of its then-owned or after-acquired real or personal property, assets or franchises located or to be located in this state and upon the revenues and income.
History: Laws 1939, ch. 47, § 26; 1941 Comp., § 48-426; 1953 Comp., § 45-4-26; 2013, ch. 75, § 33.
The 2013 amendment, effective July 1, 2013, required that foreign corporations designate the secretary of state as agent to accept service of process; in the second sentence, after "designate the", deleted "state corporation commission" and added "secretary of state"; and in the third sentence, after "is served upon the", deleted "state corporation commission" and added "secretary of state".
Structure New Mexico Statutes
Chapter 62 - Electric, Gas and Water Utilities
Article 15 - Rural Electric Cooperatives
Section 62-15-1 - Short title.
Section 62-15-2 - Purpose; definition.
Section 62-15-3.1 - Subsidiary business activities.
Section 62-15-5 - Incorporators.
Section 62-15-6 - Articles of incorporation.
Section 62-15-9 - Board of trustees; suits.
Section 62-15-9.1 - Duties of trustees.
Section 62-15-9.2 - Limitation on liability and indemnification of officers and trustees.
Section 62-15-10 - Voting districts.
Section 62-15-12 - Amendment of articles of incorporation.
Section 62-15-13 - Consolidation.
Section 62-15-15 - Effect of consolidation or merger.
Section 62-15-16 - Conversion of existing corporations.
Section 62-15-17 - Initiative by members.
Section 62-15-18 - Dissolution.
Section 62-15-19 - Filing of articles.
Section 62-15-20 - Refunds to members.
Section 62-15-21 - Disposition of property.
Section 62-15-22 - Nonliability of members for debts of cooperative.
Section 62-15-23 - Recordation of mortgages.
Section 62-15-24 - Waiver of notice.
Section 62-15-25 - Trustees, officers or members; notaries.
Section 62-15-26 - Foreign corporations.
Section 62-15-26.1 - Distribution cooperative utilities organized in other states; application.
Section 62-15-30 - Securities Act exemption.
Section 62-15-31 - "Rural area," "person" and "member" defined.
Section 62-15-32 - Construction of act; inconsistency.
Section 62-15-34 - Renewable portfolio standard.
Section 62-15-35 - Renewable energy certificates; commission duties.
Section 62-15-36 - Renewable energy and conservation fee.
Section 62-15-37 - Definitions; energy efficiency; renewable energy.