2006 New Mexico Statutes - Section 21-28-17 — Annual report and audit.

21-28-17. Annual report and audit.

A.     A research park corporation shall within ninety days following the close of each fiscal year submit an annual report of its activities for the preceding year as required by the Nonprofit Corporation Act [ 53-8-1 NMSA 1978] or the Business Corporation Act [ 53-11-1 NMSA 1978] under which the research park is incorporated.  The board of directors of the research park corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform an examination and audit of the accounts and books of the research park corporation, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing, and the certified public accountant shall make a determination as to whether the research park corporation has complied with the provisions of the University Research Park Act [ 21-28-1 NMSA 1978]. The person performing the audit shall furnish copies of the audit report to the regents of the university and the state corporation commission [public regulation commission] where they shall be placed on file and made available for inspection by the general public.   

B.     Subject to the provisions of any contract with bondholders or noteholders, a research park corporation shall prescribe a system of accounts.   

C.     The costs of audits and examinations performed pursuant to this section shall be paid by the research park corporation.