No assessment shall be levied while any portion of a previous one remains unpaid, unless:
A. the power of the corporation has been exercised in accordance with the provisions of this chapter, for the purpose of collecting such previous assessment;
B. the collection of the previous assessment has been enjoined; or
C. the assessment falls within the first proviso contained in the preceding section [63-1-19 NMSA 1978].
History: Laws 1878, ch. 1, ch. [tit.] 5, § 2; C.L. 1884, § 2656; C.L. 1897, § 3838; Code 1915, § 4659; C.S. 1929, § 116-107; 1941 Comp., § 74-120; 1953 Comp., § 69-1-20.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The term "this chapter" refers to Laws 1878, ch. 1, ch. (tit.) 5, the provisions of which are presently compiled as 63-1-19 to 63-1-27 NMSA 1978. See also compiler's note to 63-1-1 NMSA 1978.
Structure New Mexico Statutes
Chapter 63 - Railroads and Communications
Article 1 - Organization and Management of Railroads
Section 63-1-1 - [Formation of corporations.]
Section 63-1-2 - [Articles of incorporation.]
Section 63-1-3 - [Execution of articles of incorporation.]
Section 63-1-4 - [Subscriptions to capital stock; minimum amount paid in.]
Section 63-1-5 - [Affidavit stating amount of stock subscribed and amount paid.]
Section 63-1-6 - Filing; effect.
Section 63-1-7 - Articles of incorporation; certified copies.
Section 63-1-8 - [Owners of capital stock are stockholders.]
Section 63-1-9 - [Bylaws; adoption.]
Section 63-1-10 - [Contents of bylaws.]
Section 63-1-11 - [Book of bylaws; public inspection; amendment and repeal of bylaws.]
Section 63-1-12 - [Management by board of directors; number; quorum; vacancies.]
Section 63-1-13 - [Election and term of directors.]
Section 63-1-14 - [Ballots; majority required; voting rights.]
Section 63-1-15 - [Directors' organization meeting; officers; majority.]
Section 63-1-16 - [Meetings of directors; call; notice.]
Section 63-1-17 - [Removal of directors; call and notice of meetings; filling vacancy.]
Section 63-1-18 - [Declaring dividends; restrictions; liability of directors.]
Section 63-1-20 - [Assessment remaining unpaid; requirements for new levy.]
Section 63-1-21 - [Transfer of shares sold for assessment.]
Section 63-1-22 - [Purchase by corporation of stock sold for assessments; procedure.]
Section 63-1-23 - [Effect of corporation purchase.]
Section 63-1-24 - [Extension of time for assessment payment or stock sale; restrictions.]
Section 63-1-25 - [Errors in proceedings; effect.]
Section 63-1-26 - [Actions to recover stock sold for assessments; restrictions.]
Section 63-1-27 - [Proof of publication of assessment or stock sale for default in payment.]
Section 63-1-28 - [Stock shares; nature; transfer; restrictions.]
Section 63-1-29 - [Issuance of stock certificates.]
Section 63-1-30 - [Transfer of nonresident's shares of stock.]
Section 63-1-31 - [Call for stockholders' meeting when authority is lacking; warrant of magistrate.]
Section 63-1-32 - [Quorum for stockholders' meeting; adjournment; record.]
Section 63-1-33 - [Postponement of election.]
Section 63-1-34 - [Court review of elections; notice.]
Section 63-1-35 - [Waiver of notice of stockholders' meeting.]
Section 63-1-36 - [Validity of proceedings where notice of meeting is waived.]
Section 63-1-37 - [Place for stockholders' meeting.]
Section 63-1-38 - [Change of principal place of business.]
Section 63-1-40 - [False entries or reports; liability.]
Section 63-1-41 - [Annual report to public regulation commission.]