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2020 New Mexico Statutes
Chapter 53 - Corporations
Article 16 - Business Corporations; Dissolution of Corporations
Section 53-16-23 - Deposit with state treasurer of amount due certain shareholders.
Universal Citation: NM Stat § 53-16-23 (2020)
Upon the voluntary or involuntary dissolution of a corporation, the portion of the assets distributable to a creditor or shareholder who is unknown or cannot be found, or who is under disability and there is no person legally competent to receive the distributive portion, shall be reduced to cash and deposited with the state treasurer and shall be paid over to the creditor or shareholder or to his legal representative upon proof satisfactory to the state treasurer of his right thereto.
History: 1953 Comp., § 51-29-23, enacted by Laws 1967, ch. 81, § 101.
ANNOTATIONSCompiler's notes. — This section is derived from Section 105 of the ABA Model Business Corporation Act.
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