2020 New Mexico Statutes
Chapter 53 - Corporations
Article 16 - Business Corporations; Dissolution of Corporations
Section 53-16-20 - Discontinuance of liquidation proceedings.
The liquidation of the assets and business of a corporation may be discontinued at any time during the liquidation proceedings when it is established that cause for liquidation no longer exists. In such event, the court shall dismiss the proceedings and direct the receiver to redeliver to the corporation all its remaining property and assets.
History: 1953 Comp., § 51-29-20, enacted by Laws 1967, ch. 81, § 98.
ANNOTATIONSCompiler's notes. — This section is derived from Section 101 of the ABA Model Business Corporation Act.
Action to liquidate or dissolve. — A derivative action is authorized by 53-16-16 NMSA 1978 and the court is authorized to discontinue the liquidation or to dissolve the corporation under 53-16-21 NMSA 1978 and this section as is necessary to do justice to all involved. Prager v. Prager, 1969-NMSC-149, 80 N.M. 773, 461 P.2d 906.
