New Mexico Statutes 77-10-2. Necessity of license; application; fee; bond; cancellation of license; copies
A. It is unlawful for a person to operate a livestock auction market in this state unless he is the holder of an unexpired, uncanceled license issued by the board.
Terms Used In New Mexico Statutes 77-10-2
- 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.
B. An application to operate a livestock auction market shall set forth: (1) the name and address of the applicant;
and (2) the location of the livestock auction market for which application is made;
(3) a description of the facilities afforded by the livestock auction market.
C. The application shall be accompanied by the payment of a license fee set by the board not to exceed the amount prescribed by law.
D. The applicant shall file with the packers and stockyards division of the United States department of agriculture a bond in the penal sum as prescribed by the packers and stockyards division and approved by the board and conditioned that the principal shall comply with the terms of the surety and with all of the terms and conditions of N.M. Stat. Ann. Chapter 77, Article 10, with some surety company authorized to do business in this state.
E. If the applicant satisfies the conditions of application, the board shall issue a license good for one year to operate the livestock auction market at the location specified in the application.
F. A license issued in accordance with this section may be canceled by the board for violation of N.M. Stat. Ann. Chapter 77, Article 10 by the licensee, and the board may refuse to issue a license to a person whose previous license has been canceled or to any firm, association or corporation of which he is a member or by which he is employed.
G. It is unlawful for an operator to employ a person whose license was canceled by the board or to operate a livestock auction market in which that person has direct or indirect interest.
H. The bond required by this section shall be for the benefit of a person damaged by a breach of the condition of the bond, and the person damaged shall be entitled to bring an action on the bond in his own name. The board shall furnish a certified copy of the bond to a person who applies for a copy on payment of the fee set by the board for copy services.