New Mexico § 53-7A-4 Corporation; powers

New Mexico Statutes

§ 53-7A-4 — Corporation; powers

New Mexico § 53-7A-4

Ch. 53Corporations

Art. 7AEconomic Development Corporation

This text of New Mexico § 53-7A-4 (Corporation; powers) 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. § 53-7A-4 (2026).

Text

The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] unless otherwise specified in the Economic Development Corporation Act and shall also have the power to: A. sue and be sued in its corporate name; B. purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations; C. sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine; D. make contracts, incur liabilities or borrow money at rates of interest that the

Free access — add to your briefcase to read the full text and ask questions with AI

The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] unless otherwise specified in the Economic Development Corporation Act and shall also have the power to: A. sue and be sued in its corporate name; B. purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations; C. sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine; D. make contracts, incur liabilities or borrow money at rates of interest that the corporation may determine; E. make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the corporation by the Economic Development Corporation Act; F. receive and administer grants, contracts and private gifts; G. invest and reinvest its funds; H. conduct its activities, carry on its operations, have offices and exercise the powers granted by the Economic Development Corporation Act; I. employ officers and employees that it deems necessary, set their compensation and prescribe their duties; J. enter into agreements with insurance carriers to insure against any loss in connection with its operations; K. authorize retirement programs and other benefits for salaried officers and employees of the corporation; and L. contract with economic development experts and other experts and consultants that may be required and to fix and pay their compensation.