The affairs of the association shall be managed by a board of not less than five or [nor] more than twenty-one directors to be elected by the members with such qualifications as may be provided for in the articles of incorporation or bylaws. All of the directors shall be members of the association or officers, directors or members of member associations. When a vacancy on the board of directors occurs other than by expiration of term or removal, the remaining members of the board, shall fill the vacancy either by a majority vote of the board, or by calling a special election of the members in the district affected. There shall be no personal liability to a director or member of an association in his official action or omission except for wilful negligence or malfeasance in office. History: Laws 1937, ch. 152, § 14; 1941 Comp., § 48-1314; 1953 Comp., § 45-14-14. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — For similar provision in earlier act, see Laws 1925, ch. 99, § 7. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 18. 3 C.J.S. Agriculture § 144.
New Mexico Legal Code