Upon the filing of such certificate and copy thereof as provided in the preceding section [73-5-3 NMSA 1978] the persons so associating, their successors and those who may thereafter become members of said association, shall constitute a body corporate by the name set forth in such certificate and by such name may sue and be sued, and shall have capacity to make contracts, acquire, hold, enjoy, dispose of and convey property real and personal and to do any other act or thing necessary or proper for carrying out the purposes of their organization. History: Laws 1909, ch. 76, § 4; Code 1915, § 5648; C.S. 1929, § 150-104; 1941 Comp., § 77-1604; 1953 Comp., § 75-17-4. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Association may operate irrigation system, borrow and issue bonds. — Association has the capacity to maintain and operate an irrigation system to furnish water to its members and to borrow money and issue its bonds when necessary. 1935 Op. Att'y Gen. No. 35-1175.
New Mexico Legal Code