New Mexico § 58-1-59 - Subscription calls
Full text of New Mexico New Mexico Statutes Annotated § 58-1-59 — Subscription calls, with citation guidance and answers to common questions.
§ 58-1-59. Subscription calls
A. Immediately after the filing of the articles of incorporation with the corporation
commission [public regulation commission], the proposed directors shall call for the
payment of the subscriptions in full, within thirty days from the date of the notice. No certificate of authority, or order, shall be issued by the commissioner [director
of the financial institutions division of the regulation and licensing department]
until the full amount of the authorized capital structure, specified in the articles
of incorporation, has been paid in full, in cash, into the designated escrow account. B. On or before expiration of thirty days after call for payment of the subscription,
the incorporators shall deliver a statement to the commissioner [director] signed
by an official of the escrowing bank, setting forth the amount paid into the escrow
account by the subscribers, and a sworn statement signed by the proposed bank's president,
and cashier or secretary, certifying the full amount of the entire authorized capital
structure has been paid in cash into the escrow account and that such corporation
will be fully prepared to transact the business for which it was organized within
one year.
Frequently Asked Questions About New Mexico § 58-1-59
What does New Mexico Statutes Annotated § 58-1-59 cover?
Section 58-1-59 ("Subscription calls") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 58-1-59?
A common citation format is "New Mexico Statutes Annotated § 58-1-59" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 58-1-59 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.