New Mexico Statutes 53-4-4. Powers
An association shall have the capacity to act possessed by natural persons and the authority to do anything required or permitted herein and also:
Terms Used In New Mexico Statutes 53-4-4
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. to continue as a corporation for the time specified in its articles; B. to have a corporate seal and to alter the same at pleasure;
C. to sue and be sued in its corporate name;
D. to make by-laws [bylaws] for the government and regulation of its affairs;
E. to acquire, own, hold, sell, lease, pledge or mortgage any property incident to its purposes;
F. to own and hold membership in and share capital of other associations and corporations, and any types of bonds or other obligations; and while the owner thereof to exercise all the rights of ownership;
G. to borrow money, contract debts and make contracts, including agreements of mutual aid or federation with other associations and other groups organized on a cooperative basis;
H. to conduct its affairs without as well as within this state;
I. to exercise in addition any power granted to ordinary business corporations, save those powers inconsistent herewith;
J. to exercise all powers not inconsistent herewith which may be necessary, convenient, or expedient for the accomplishment of its purposes, and, to that end, the foregoing enumeration of powers shall not be deemed exclusive.