2011 New Mexico Statutes
Chapter 49: Land Grants
Article 1: General Provisions, 49-1-1 through 49-1-23
Section 49-1-8: Organization of board; bonds; vacancies.

49-1-8. Organization of board; bonds; vacancies.

A. All members of the newly elected board of trustees shall meet no later than seven days after the votes are canvassed and organize themselves by the election of a president, secretary and treasurer. The treasurer shall perform such duties as may be required by the board and shall furnish to the board a good and sufficient surety bond in a sum as set forth in this section, to be conditioned as are the bonds of other public officials handling public money. It is the duty of the treasurer to deposit all the money coming into his hands as treasurer in a bank organized and doing business in New Mexico.

B. In the event of the death or resignation of the treasurer, the board shall fill the vacancy by appointing one of the members of the board as treasurer, who shall, before entering into the performance of his duties as treasurer, execute and furnish to the board a good and sufficient surety bond, similar to the bond entered into by his predecessor.

C. The amount of the bond required of the treasurer and his successor shall at all times be for a sum of at least double the amount received by and deposited in the bank by the treasurer.

D. In the event the board of trustees delegates any other of its members to collect money due the land grant-merced, that person shall be bonded in the same manner as is provided in this section for the bonding of the treasurer.

E. Those authorized to collect money shall give receipts for the money collected, which receipts shall be in the form prescribed by the board of trustees in the bylaws as an official receipt.