New Mexico § 62-2-13 - Voluntary dissolution

§ 62-2-13. Voluntary dissolution

Any corporation formed under this article or formed under any general law of this

state, the principal business of which has been the construction and maintenance of

dams, reservoirs, ditches and canals, and the distribution of water there-through

for public use, may be disincorporated by a two-thirds vote of all the stockholders,

and when such vote shall have been taken, notice thereof shall be given as required,

by which notice shall state when and at what place application will be made to the

district court or the judge thereof to have such corporation judicially declared dissolved,

and at such time and place or at such other time and place to which said matter may

be adjourned by the court or judge, such court or judge may hear evidence touching

the matter, and if satisfied that all debts and liabilities of such corporation have

been paid or that the same can be paid, settled, satisfied or compromised by the sale

of the tangible assets of such corporation, and that the requisite vote in favor of

dissolution has been duly given, such court or judge shall enter an order declaring

the corporation dissolved, and thereafter the directors or trustees of such corporation

shall sell and dispose of the tangible property thereof or such portion of the same

as may be necessary to liquidate the indebtedness of the company, and apply the proceeds

realized from such sale to the payment, satisfaction or compromise of the indebtedness

of such corporation, the balance remaining to be distributed to the stockholders thereof

in accordance with Section 62-2-14 NMSA 1978 .