2020 New Mexico Statutes
Chapter 53 - Corporations
Article 5 - Corporate Reports
Section 53-5-8 - Public regulation commission [secretary of state] may furnish forms; release of information; penalty.

Universal Citation: NM Stat § 53-5-8 (2020)

A. The public regulation commission [secretary of state] may, upon application, furnish the necessary blank forms used in the preparation of the annual corporate reports.

B. The public regulation commission [secretary of state] shall provide pursuant to the provisions of the Public Records Act [Chapter 14, Article 3 NMSA 1978] for the retention, storage and destruction of annual corporate reports filed with the commission [secretary of state].

C. Information obtained from reports filed pursuant to the provisions of the Corporate Reports Act shall be made available to interested persons during proper hours, except that data contained in Paragraph (2) of Subsection A of Section 53-5-2 NMSA 1978 shall not be released unless in statistical form classified to prevent identification of particular corporations.

D. All reports required under the Corporate Reports Act may be used as evidence at any trial or hearing of the public regulation commission.

E. All reports required under the Corporate Reports Act shall be made available to the revenue processing division of the taxation and revenue department upon written request and the revenue processing division shall be subject to the same restrictions upon revealing the information as are imposed by this section upon the public regulation commission [secretary of state].

F. Any other state agency or department or United States agency or department upon written request to the public regulation commission [secretary of state] may examine reports filed with the commission [secretary of state] upon a showing that the corporate reports sought to be examined are germane to an investigation being conducted by the petitioning agency or department, and any information revealed is subject to Subsection G of this section.

G. Any person who releases information contrary to the provisions of this section is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than one thousand dollars ($1,000) nor less than one hundred dollars ($100) or by imprisonment in the county jail not more than ninety days nor less than thirty days or by both fine and imprisonment in the discretion of the judge.

History: 1953 Comp., § 51-21-8, enacted by Laws 1959, ch. 181, § 8; 1961, ch. 152, § 2; 1977, ch. 103, § 8; 2001, ch. 200, § 31.

ANNOTATIONS

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

Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state. See 8-4-7 NMSA 1978.

The 2001 amendment, effective July 1, 2001, substituted "public regulation commission" for "state corporation commission" in the section heading and Subsection A; inserted "public regulation" preceding "commission" throughout the section; updated the internal reference in Subsection C; in Subsection E, substituted "the revenue processing division of the taxation and revenue department" for "bureau of revenue" and "revenue processing division shall be subject" for "bureau shall be subject"; and deleted "concerning the release of such information contrary to law by any person in the requesting agency or department" from the end of Subsection F.

Examination of reports filed prior to effective date of act. — As to reports filed previous to the effective date of the Corporate Reports Act, the corporation commission (now secretary of state) has no power to permit the examination of such reports except under the circumstances set out in 51-13-11, 1953 Comp. (repealed by Laws 1959, ch. 181, § 10), i.e., at a hearing of the commission or of any court under the provisions of the act. 1960 Op. Att'y Gen. No. 60-244 (rendered under former law).

Disclosing date of forfeiture for failure to pay franchise tax. — Analysis of 53-3-2 and 53-3-3 NMSA 1978 (now 53-3-1 NMSA 1978) reflects that disclosure of the date of a corporation's forfeiture would in no way circumvent nor violate that which is confidential. The date of forfeiture or reinstatement of a corporation's right to do business in New Mexico for failure to pay franchise tax is public information, may be disclosed to interested parties and is not part of 53-5-2B NMSA 1978 data. 1968 Op. Att'y Gen. No. 68-104 (rendered under former law).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations § 15.

19 C.J.S. Corporations § 542.

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