Shares of the capital stock of any railroad corporation shall be personal property, and may be transferred, by endorsement, by the signature of the proprietor, or his attorney, or legal representative and delivery of the certificate; but such transfer shall not be valid, except between the parties thereto, until the same shall have been entered upon the transfer book of the corporation so as to show the names of the parties by, and to whom, transferred, the number or designation of the shares and the date of transfer: provided, no stock shall be transferred upon the transfer book of the corporation until all previous assessments thereon shall have been fully paid in, nor shall any such transfer be valid except as between the parties thereto, unless at least twenty percent shall have been paid thereon, and certificates issued therefor, and the transfer approved by the board of directors, except by consent of the board of directors.
History: Laws 1878, ch. 1, ch. [tit.] 4, § 1; C.L. 1884, § 2651; C.L. 1897, § 3833; Code 1915, § 4691; C.S. 1929, § 116-139; 1941 Comp., § 74-128; 1953 Comp., § 69-1-28.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — The 1915 Code compilers substituted "railroad corporation" for "corporation formed under this act."
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 681, 682, 715 to 718.
18 C.J.S. Corporations §§ 150 to 188.
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.]