Section 73-18-40 - Abolishment of appointed board; creation of elective board; powers and duties. - New-mexico Statutes

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Statutes > New-mexico > Chapter-73 > Article-18 > Section-73-18-40

73-18-40. Abolishment of appointed board; creation of elective board; powers and duties.

Whenever under this act [73-18-25 to 73-18-43 NMSA 1978] the first members of the board of directors created by this act have been elected or selected as provided thereby and have qualified as directors, the existing appointive board of directors is abolished and the board created by this act shall succeed to the powers and duties of such appointive board, and shall be a body corporate and may sue and be sued.

State Codes and Statutes

Statutes > New-mexico > Chapter-73 > Article-18 > Section-73-18-40

73-18-40. Abolishment of appointed board; creation of elective board; powers and duties.

Whenever under this act [73-18-25 to 73-18-43 NMSA 1978] the first members of the board of directors created by this act have been elected or selected as provided thereby and have qualified as directors, the existing appointive board of directors is abolished and the board created by this act shall succeed to the powers and duties of such appointive board, and shall be a body corporate and may sue and be sued.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-73 > Article-18 > Section-73-18-40

73-18-40. Abolishment of appointed board; creation of elective board; powers and duties.

Whenever under this act [73-18-25 to 73-18-43 NMSA 1978] the first members of the board of directors created by this act have been elected or selected as provided thereby and have qualified as directors, the existing appointive board of directors is abolished and the board created by this act shall succeed to the powers and duties of such appointive board, and shall be a body corporate and may sue and be sued.