New Mexico Statutes 6-1-4. Loans or grants obtained by political subdivisions;
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application of proceeds.
Terms Used In New Mexico Statutes 6-1-4
- 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.
Any municipal corporation or other political subdivision obtaining a loan or grant shall apply the proceeds thereof only for the purposes stated by the state board of finance in its action approving the loan or grant.