There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 53: Corporations
Article 4: Cooperative Associations, 53-4-1 through 53-4-45
Section 53-4-21: Referendum.
Universal Citation:
NM Stat § 53-4-21 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
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53-4-21. Referendum.
The articles or by-laws [bylaws] may provide that within a specified period of time any action taken by the directors must be referred to the members for approval or disapproval if demanded by petition of at least ten percent (10%) of all the members or by vote of at least a majority of the directors. However, the rights of third parties which have vested between the time of such action and such referendum shall not be impaired thereby.
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