The members of any mutual association, heretofore or hereafter incorporated, may provide for and create a capital stock of such corporation, upon the consent in writing of all the members of the corporation, and may provide for the payment of such stock, and fix and prescribe the rights and privileges of the stockholders therein. History: Laws 1905, ch. 79, § 122; Code 1915, § 1006; C.S. 1929, § 32-226; 1941 Comp., § 54-1005; 1953 Comp., § 51-12-5. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 431 to 434, 484. Effect of charter provisions, 15 A.L.R. 1232. 18 C.J.S. Corporations §§ 129 to 143.
New Mexico Legal Code