2006 New Mexico Statutes - Section 53-19-15 — Management by members or managers.
53-19-15. Management by members or managers.
A. Except to the extent the articles of organization vest management of the limited liability company in one or more managers, management of the business and affairs of the limited liability company shall be vested in the members, subject to any provision in the articles of organization, an operating agreement or the Limited Liability Company Act [Chapter 53, Article 19 NMSA 1978], which vests particular management responsibilities in any member or group or class of members.
B. If the articles of organization vest management of the limited liability company in one or more managers, the articles of organization or an operating agreement may prescribe the qualifications and the number of managers, the method in accordance with which managers shall be selected and duties and responsibilities of such managers. Each manager shall have such power to manage the business or affairs of the limited liability company as the articles of organization or an operating agreement shall provide. Unless otherwise provided by the articles of organization or an operating agreement:
(1) a manager shall be appointed and may be removed by the affirmative vote, approval or consent of the members having a majority share of the voting power of all of the members;
(2) a manager need not be a member of the limited liability company or a natural person;
(3) unless a manager is removed or resigns, he shall hold office until his successor has been elected and qualified; and
(4) the manager or managers designated by or in accordance with the articles of organization and operating agreement shall have exclusive power to make all decisions on behalf of the limited liability company that are not specifically reserved to the members by the Limited Liability Company Act [Chapter 53, Article 19 NMSA 1978].
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