2017 New Mexico Statutes
Chapter 53 - Corporations
Article 2 - Fees and Miscellaneous Corporation Law
Section 53-2-8 - No stockholder's liability; separate class of corporation.

53-2-8. No stockholder's liability; separate class of corporation.

No stockholder's liability for unpaid stock shall attach to stock issued by a corporation pursuant to this section if, at the time of filing the certificate of incorporation, a separate certificate is signed and executed in the same manner as the certificate of incorporation, declaring that there is no stockholder's liability on account of stock issued, and is filed in the office of the public regulation commission [secretary of state] together with the certificate of incorporation. The separate certificate shall be certified and recorded in the office of the county clerk, and both the certificate of incorporation and the certificate of nonliability of stockholders shall be published as provided in this section. This section does not apply to any of the provisions for the issuance of stock and fixing liability and the means of enforcing liability upon the same contained in any other law, but is a separate provision creating a separate class of corporations. Each corporation taking advantage of the provisions of this section must add to its corporate name in the certificate of incorporation, in every other certificate, report or record required by law and in every contract or other corporate instrument, the words "no stockholder's liability". No corporation shall be organized under this section after December 31, 1967.

History: Laws 1905, ch. 79, 23; Code 1915, 907; Laws 1917, ch. 112, 4; C.S. 1929, 32-124; 1941 Comp., 54-309; 1953 Comp., 51-3-9; recompiled as 1953 Comp., 51-12-11 by Laws 1967, ch. 87, 6; 2001, ch. 200, 12.