New Mexico § 53-6-10 Sale and transfer of shares

New Mexico Statutes

§ 53-6-10 — Sale and transfer of shares

New Mexico § 53-6-10

Ch. 53Corporations

Art. 6Professional Corporations

This text of New Mexico § 53-6-10 (Sale and transfer of shares) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 53-6-10 (2026).

Text

A. The articles of incorporation of any professional corporation shall provide for the purchase by the corporation, its shareholders, or any person duly licensed or authorized to render the service for which the corporation is organized, of all shares of its stock:

(1)held by any person who shall have become disqualified to render the professional service for which he was licensed or authorized; or (2) which devolve by operation of law upon any person or legal entity not licensed or authorized. B. Any purchase of shares under Paragraph (1) of Subsection A shall be effected within a period of thirty days after establishment of the disqualification. Any purchase of shares under Paragraph (2) of Subsection A shall be effected within eight months from the date of devolution. Any shares held i

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A. The articles of incorporation of any professional corporation shall provide for the purchase by the corporation, its shareholders, or any person duly licensed or authorized to render the service for which the corporation is organized, of all shares of its stock: (1) held by any person who shall have become disqualified to render the professional service for which he was licensed or authorized; or (2) which devolve by operation of law upon any person or legal entity not licensed or authorized. B. Any purchase of shares under Paragraph (1) of Subsection A shall be effected within a period of thirty days after establishment of the disqualification. Any purchase of shares under Paragraph (2) of Subsection A shall be effected within eight months from the date of devolution. Any shares held in violation of such provisions may be cancelled by action of the board of directors.