58-13A-17. General authority to adopt rules, forms and orders.
A. In addition to specific authority granted elsewhere in the Model State Commodity Code [58-13A-1 NMSA 1978], the director may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of that code. Such rules or forms shall include, but need not be limited to, the following: rules defining any terms, whether or not used in that code, insofar as the definitions are not inconsistent with the provisions of that code. For the purpose of rules or forms, the director may classify commodities and commodity contracts, persons and matters within the director's jurisdiction.
B. Unless specifically provided in the Model State Commodity Code, no rule, form or order may be adopted, amended or rescinded unless the director finds that the action is:
(1) necessary or appropriate in the public interest or for the protection of investors; and
(2) consistent with the purposes fairly intended by the policy and provisions of that code.
C. All rules and forms of the director shall be filed pursuant to the State Rules Act [14-4-1 NMSA 1978].
D. No provision of the Model State Commodity Code imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order or form adopted by the director, notwithstanding that the rule, order or form may later be amended or rescinded, or be determined by judicial or other authority to be invalid for any reason.
58-13A-17. General authority to adopt rules, forms and orders.
A. In addition to specific authority granted elsewhere in the Model State Commodity Code [58-13A-1 NMSA 1978], the director may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of that code. Such rules or forms shall include, but need not be limited to, the following: rules defining any terms, whether or not used in that code, insofar as the definitions are not inconsistent with the provisions of that code. For the purpose of rules or forms, the director may classify commodities and commodity contracts, persons and matters within the director's jurisdiction.
B. Unless specifically provided in the Model State Commodity Code, no rule, form or order may be adopted, amended or rescinded unless the director finds that the action is:
(1) necessary or appropriate in the public interest or for the protection of investors; and
(2) consistent with the purposes fairly intended by the policy and provisions of that code.
C. All rules and forms of the director shall be filed pursuant to the State Rules Act [14-4-1 NMSA 1978].
D. No provision of the Model State Commodity Code imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order or form adopted by the director, notwithstanding that the rule, order or form may later be amended or rescinded, or be determined by judicial or other authority to be invalid for any reason.
58-13A-17. General authority to adopt rules, forms and orders.
A. In addition to specific authority granted elsewhere in the Model State Commodity Code [58-13A-1 NMSA 1978], the director may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of that code. Such rules or forms shall include, but need not be limited to, the following: rules defining any terms, whether or not used in that code, insofar as the definitions are not inconsistent with the provisions of that code. For the purpose of rules or forms, the director may classify commodities and commodity contracts, persons and matters within the director's jurisdiction.
B. Unless specifically provided in the Model State Commodity Code, no rule, form or order may be adopted, amended or rescinded unless the director finds that the action is:
(1) necessary or appropriate in the public interest or for the protection of investors; and
(2) consistent with the purposes fairly intended by the policy and provisions of that code.
C. All rules and forms of the director shall be filed pursuant to the State Rules Act [14-4-1 NMSA 1978].
D. No provision of the Model State Commodity Code imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order or form adopted by the director, notwithstanding that the rule, order or form may later be amended or rescinded, or be determined by judicial or other authority to be invalid for any reason.
