New Mexico Statutes 62-20-7. Acceptance of assets and liabilities of dissolved entities;
acquisition of water rights.
Terms Used In New Mexico Statutes 62-20-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Subject to any other statutory requirements for dissolution and transfer, an authority may accept a transfer of assets and liabilities upon the request, and the legal dissolution, of an entity that provides water or sewer services and is:
A. a political subdivision of the state;
B. a water and sanitation district established pursuant to the Water and Sanitation District Act [N.M. Stat. Ann. Chapter 73, Article 21];
C. a water and natural gas association established pursuant to N.M. Stat. Ann. Chapter 3, Article 28;
D. a water users’ association established pursuant to N.M. Stat. Ann. Chapter 73, Article 5;
E. a corporation organized pursuant to the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8] or Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978];
F. a public improvement district established pursuant to the Public Improvement District Act [N.M. Stat. Ann. Chapter 5, Article 11]; G. a municipal or county utility;
H. a company established pursuant to N.M. Stat. Ann. Chapter 62, Article 2;
I. an association established pursuant to the Cooperative Association Act [N.M. Stat. Ann. Chapter 53, Article 4] that has reorganized as a public entity;
J. an association or mutual domestic water consumers association organized under Laws 1947, Chapter 206, Laws 1949, Chapter 79 or Laws 1951, Chapter 52 or pursuant to the Sanitary Projects Act [N.M. Stat. Ann. Chapter 3, Article 29]; or
K. an authority created pursuant to the Regional Water System Resiliency Act.