New Mexico corporate bylaws are essential guidelines that outline the management, structure, and operations of a corporation. They specify the responsibilities and rights of directors, officers, and shareholders to prevent disputes, and detail procedures for board member appointments, shareholder meetings, and notifications.
While initially set by the board of directors, these bylaws can be modified as necessary, ensuring flexibility in corporate governance, provided they align with state law and the articles of incorporation.
Legal Requirements
New Mexico requires all corporations to create and maintain bylaws. [1] Furthermore, corporations must comply with additional statutory responsibilities relevant to their operations.
- Annual Meetings: Annual meetings may be held in any place that is designated within the company’s bylaws. If no meeting is held within a 13-month period, a shareholder may apply to the court for the meeting to occur. [2]
- Corporate Bylaws: Directors or incorporators adopt the initial bylaws in accordance with state laws and the articles of incorporation. [3]
- Issuance of Stock: The board of directors can issue shares, subject to any restrictions in the articles of incorporation. [4]
Naming Considerations
- Required Words: “Corporation,” “Incorporated,” “Limited,” “Company,” an abbreviation thereof, or language of like import (choose one).
- Prohibited Words: Language stating/implying entity is organized for impermissible purpose.
- Name Reservation Period: 120 days.
- Renewal Period: No.
- Transferability: Yes.
