New Mexico § 49-2-18 - Conversion of corporations organized under Laws 1891, Statutes Chapter 86 into general corporations

§ 49-2-18. Conversion of corporations organized under Laws 1891, Statutes Chapter 86 into general corporations

Twenty or more owners and proprietors of record of a corporation organized under Laws

1891, Chapter 86 may prepare proposed articles of incorporation and bylaws and a plan

of conversion for the purpose of converting the existing corporation into a corporation

organized under the general corporation law of this state. Upon notice, the proposers shall call a meeting of all owners and proprietors of

record entitled to vote in the affairs of the existing corporation. The notice shall be published in English in a newspaper of general circulation in

a county in which the existing corporation is located, once a week for three consecutive

weeks, the last publication to be not more than thirty days prior to the date set

for the meeting. Similar publication shall also be made in Spanish if there is a Spanish language

newspaper of general circulation in the county. The proposed articles of incorporation and bylaws and the plan of conversion shall

be presented at the meeting, and, if approved by a vote of the majority of the owners

and proprietors of record present at the meeting, then, upon the filing of the articles

of incorporation and bylaws with the secretary of state and the issuance of a certificate

of incorporation, the corporation organized under Laws 1891, Chapter 86 is converted

into a domestic corporation authorized to do business and entitled to all privileges

and immunities of a domestic corporation organized under the general corporation laws

of this state.