2006 New Mexico Statutes - Section 21-28-4 — University research corporations; authorization; members; terms; meetings; bylaws.

21-28-4. University research corporations; authorization; members; terms; meetings; bylaws.

A.     Any university may form, pursuant to the provisions of the Nonprofit Corporation Act [ 53-8-1 NMSA 1978] or the Business Corporation Act [ 53-11-1 NMSA 1978], one or more research park corporations, separate and apart from the state and the university, to promote, develop and administer research parks or technological innovations for scientific, educational and economic development opportunities in accordance with bylaws adopted by the research park corporation.   

B.     Each research park corporation shall be governed by, and all of its functions, powers and duties shall be exercised by, a board of directors appointed by the regents.  Members of the board of directors may include the president of the university, the regents, officers and employees of the university and other persons selected by the regents.   

C.     The board of directors shall elect a chairman and such other officers as the board of directors deems necessary.   

D.     The board of directors shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act or the Business Corporation Act, as appropriate, governing the conduct of the research park corporation in the performance of its duties under the University Research Park Act [ 21-28-1 NMSA 1978].