There Is a Newer Version
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the New Mexico Statutes
2011 New Mexico Statutes
Chapter 53: Corporations
Article 4: Cooperative Associations, 53-4-1 through 53-4-45
Section 53-4-33: Books; auditing.
Universal Citation:
NM Stat § 53-4-33 (1996 through 1st Sess 50th Legis)
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53-4-33. Books; auditing.
To record its business operation, every association shall keep a set of books, which shall be audited at the end of each fiscal year by an experienced bookkeeper or accountant who shall not be an officer or director. Where the annual business amounts to less than ten thousand dollars [($10,000)], the audit may be performed by an auditing committee of three, who shall not be directors, officers, or employees. A written report of the audit, including a statement of the amount of business transacted with members, and the amount transacted with nonmembers, the balance sheet, and the income and expenses, shall be submitted to the annual meeting of the association.
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