Any officer elected or appointed may be removed by the persons authorized to elect or appoint the officer whenever, in their judgment, the best interest of the corporation will be served thereby. The removal of an officer shall be without prejudice to the contract rights, if any, of the officer so removed. Election or appointment of an officer or agent shall not of itself create contract rights. History: 1953 Comp., § 51-14-66, enacted by Laws 1975, ch. 217, § 24. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations § 1341. 19 C.J.S. Corporations §§ 454 to 457.
New Mexico Legal Code