New Mexico § 49-2-2 - Corporate powers enumerated

§ 49-2-2. Corporate powers enumerated

They shall be bodies corporate and politic under the respective names designated in

the decrees by which they were incorporated, and shall have and possess the following

powers: A. to sue and be sued in their corporate names; B. to sell, convey, lease, mortgage or otherwise dispose of so much of the land of

the grant under their management and control as is held in common by the owners and

proprietors. Provided, however, that no sale of the lands held in common can be made to persons

who are nonheirs of the grant unless a majority of such heirs present at a mass meeting

to be called fifteen (15) days in advance thereof by the president of the board of

trustees vote in favor of any proposed sale to nonheirs, and provided, further, that

no lease of the lands held in common can be made to any person whatsoever for a period

of time exceeding twenty (20) years; provided, further, nevertheless, that as to

any oil and gas lease executed upon lands held in common where oil and gas or either

of them in commercial quantities is being, or shall be, produced from lands covered

by said lease, then and in such event, this limitation as to the period of time shall

not apply as to any such oil and gas lease so long as oil or gas or either of them

is being produced in commercial quantities from said land; C. to make such rules and regulations, not in conflict with the constitution and laws

of the United States or the state of New Mexico, as may be necessary for the protection,

improvement and management of such common lands and real estate and the use and enjoyment

thereof, and of the common waters thereon; D. to make such assessments against the owners and proprietors as may be necessary

to defray the expenses of conducting the business, and to make any other obligations

of said corporation and to enforce the payment thereof by such owners and proprietors

by suit against any owner and proprietor brought in the name of the corporation before

a magistrate court or in the district court of the county in which such land grant

is situated; E. to have a corporate seal in such form and device as shall be adopted by the board

of trustees of such corporation; F. to determine the number of animals that may be permitted to graze upon the common

lands of the grant, and the price which shall be paid by the owner of such animals

for the privilege of grazing thereon, provided, such price shall be uniform to all

owners and proprietors; G. by district court action under rules of civil procedure to determine by name the

various persons who are of the class of owners and proprietors having beneficial interest

in land of the grant under their management and control, and to determine persons

of the class who are eligible to become owners and proprietors by descent from the

class who were determined to be the owners thereof at the time of the incorporation

of such grant.