2017 New Mexico Statutes
Chapter 63 - Railroads and Communications
Article 1 - Organization and Management of Railroads
Section 63-1-32 - Quorum for stockholders' meeting; adjournment; record.
63-1-32. [Quorum for stockholders' meeting; adjournment; record.]
At all meetings of the stockholders for any purpose, a majority of the subscribed capital stock must be represented by the holders thereof, in person or by proxy, in writing. Every person acting thereat, in person, or by proxy, or by representative, must be a bona fide stockholder, having stock in his own name on the stock books of the corporation, at least ten days prior to the meeting. Any election or vote had, other than in accordance with the provisions of this chapter, shall be voidable at the instance of absent stockholders, and may be set aside upon petition to the district court for the county where the same was had. Any regular or called meeting of the stockholders may be adjourned from day to day, or from time to time, if, for any cause, there are not present stockholders representing a majority of the subscribed stock, or no election or majority vote had. Such adjournments, and the reasons therefor, shall be noted in the minutes of the proceedings of the meeting, which shall be recorded in the journal of proceedings of the board of directors.
History: Laws 1878, ch. 1, ch. [tit.] 3, 8; C.L. 1884, 2640; C.L. 1897, 3822; Code 1915, 4680; C.S. 1929, 116-128; 1941 Comp., 74-133; 1953 Comp., 69-1-33.
