2018 New Mexico Statutes
Chapter 59A - Insurance Code
Article 34 - Domestic Stock and Mutual Insurers
Section 59A-34-16 - Solicitation of proxies.

A. No person shall solicit a proxy, consent or authorization in respect of any stock or other voting security of such an insurer unless he furnishes the person so solicited with written information reasonably adequate as to:

(1) the material matters in regard to which the powers so solicited are proposed to be used; and

(2) the person or persons on whose behalf the solicitation is made and the interest of such person or persons in relation to such matters.

B. No person shall so furnish information which the informer knows or has reason to believe in [is] false or misleading as to any material fact, or which fails to state any material fact reasonably necessary to prevent any other statement made from being misleading.

C. The form of all such proxies shall:

(1) conspicuously state on whose behalf the proxy is solicited;

(2) provide for dating the proxy;

(3) impartially identify each matter or group of related matters intended to be acted upon;

(4) provide means for the principal to instruct the vote of his shares as to approval or disapproval of each matter of [or] group, other than election to office; and

(5) be legibly printed, with context suitably organized;

but a proxy may confer discretionary authority as to matters as to which a choice is not specified pursuant to Paragraph (4), above, if the form conspicuously states how it is intended to vote the proxy or authorization in each such case, and may confer discretionary authority as to other matters which may come before the meeting but [were] unknown for a reasonable time prior to the solicitation by the persons on whose behalf the solicitation is made.

D. No proxy shall confer authority to:

(1) vote for election of any person to any office for which a bona fide nominee is not named in the proxy statement; or

(2) vote in any annual meeting (or adjournments thereof) other than the annual meeting next following the date on which the proxy statement and form were furnished stockholders.

E. Any proxy, consent or authorization obtained in violation of, or which violates, this section or the lawful rules and regulations of the superintendent relating thereto, is void.

History: Laws 1984, ch. 127, § 562.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.