The power to make and alter bylaws or rules and regulations for the management and operation of the works of the association, the distribution of the waters thereof and the control and conduct of its business and affairs shall be in the shareholders or members, but the incorporators may, in the certificate of incorporation, confer such power upon the directors, trustees or governing board. Bylaws or rules and regulations made or altered under power so conferred may nevertheless be altered or repealed by the shareholders or members.
History: Laws 1909, ch. 76, § 7; Code 1915, § 5651; C.S. 1929, § 150-107; 1941 Comp., § 77-1607; 1953 Comp., § 75-17-7.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Structure New Mexico Statutes
Chapter 73 - Special Districts
Article 5 - Water Users' Associations
Section 73-5-1 - [Water users associations; how organized.]
Section 73-5-2 - Certificate of organization; contents.
Section 73-5-3 - Acknowledgment; recording; evidence.
Section 73-5-4 - [Water users associations; bodies corporate; powers.]
Section 73-5-5 - Amendments to certificate.
Section 73-5-6 - [First meeting; notice.]
Section 73-5-7 - [Bylaws, rules and regulations.]