Any natural person, association, incorporated or unincorporated group organized on a cooperative basis, or any nonprofit group shall be eligible for membership in an association if it has met any qualifications for eligibility stated in the articles or by-laws [bylaws], and shall be deemed a member upon payment in full for the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership. History: Laws 1939, ch. 164, § 23; 1941 Comp., § 54-1423; 1953 Comp., § 51-15-23. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. A cooperative incorporated under the Cooperative Association Act may not lawfully receive state funds. — A cooperative incorporated under the Cooperative Association Act (CAA) may not be comprised of public entities, and therefore no New Mexico public funds may be provided to a cooperative organized under the CAA and meeting the requirements for tax exempt status of Internal Revenue Code Section 501(c)(12), unless such funds satisfy the requirements of the New Mexico anti-donation clause. anized under the CAA and meeting the requirements for tax exempt status of Internal Revenue Code Section 501(c)(12), unless such funds satisfy the requirements of the New Mexico anti-donation clause. This limitation applies to state funds only, and does not apply to any federal funds that are channeled through a state entity. Legality of a 501(c)(12) Cooperative to Receive State and Federal Funding for the Development and Operation of Fiber-Optic Broadband Networks (7/19/22), Att'y Gen. Adv. Ltr. 2022-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 14, 21; 18A Am. Jur. 2d Corporations §§ 728 to 730. 18 C.J.S. Corporations §§ 293 to 304.
New Mexico Legal Code