2006 New Mexico Statutes - Section 53-5-7 — Failure to file corporate reports; penalty.

53-5-7. Failure to file corporate reports; penalty.

A.     A domestic corporation required to file an annual corporate report, as provided in the Corporate Reports Act [Chapter 53, Article 5 NMSA 1978], that fails to submit the report within the time prescribed for a reporting period shall incur a civil penalty of two hundred dollars ($200) in addition to the fee for filing the report, such civil penalty to be paid upon filing the report. Sixty days after written notice of failure to file a report has been mailed to the corporation's mailing address as shown in the last corporate report filed with the public regulation commission, the corporation shall have its certificate of incorporation canceled by the commission without further proceedings, unless the report is filed and all fees and penalties are paid within that sixty-day period.   

B.     A foreign corporation required to file an annual corporate report that fails to submit the report within the time prescribed for any reporting period shall incur a civil penalty of two hundred dollars ($200) in addition to the fee for filing the report. The civil penalty shall be paid upon filing the report. Sixty days after written notice of failure to file a report has been mailed to the corporation's mailing address as shown in the last corporate report filed with the public regulation commission, the corporation shall have its certificate of authority to do business in this state canceled by the commission without further proceedings, unless the report is filed and all fees and penalties are paid within that sixty-day period. Nothing in this section authorizes a forfeiture of the right or privilege of engaging in interstate commerce.   

C.     A domestic or foreign corporation not exempted from filing a supplemental report, as provided in the Corporate Reports Act, that fails to submit the required report within the time prescribed for a reporting period shall incur a civil penalty of two hundred dollars ($200) in addition to the fee for filing the report, such civil penalty to be paid upon filing the report.   

D.     An order of the public regulation commission may be appealed to the district court of Santa Fe county within sixty days of the date it was issued by the commission.   

E.     If a report required under the Corporate Reports Act [Chapter 53, Article 5 NMSA 1978] is mailed, the public regulation commission shall allow three additional days when considering the postmark as the date of submission when determining if a filing is timely.   

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