N.M. Admin. Code § 12.3.4.9

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.3.4.9 - COOPERATIVE ASSOCIATIONS

A cooperative association shall comply with the requirements of the Cooperative Associations Act, NMSA 1978 Sections 53-4-1 through 53-4-45. Once properly formed, a cooperative association shall be deemed a nonprofit corporation as provided in NMSA 1978 Section 53-4-1.

A. Filing requirements. A cooperative association shall file all documents required by this section in compliance with 12.3.1 NMAC, General Provisions, and pay all filing fees required.

B. Name. A cooperative association shall comply with the name requirements in NMSA 1978 Section 53-4-37, and may use the procedures in 12.3.1.15 NMAC for inquiring about, reserving, formally applying for, or reinstating a name.

C. Documents required.

(1) Articles of incorporation. A cooperative association formed in compliance with the Cooperative Associations Act, NMSA 1978 Sections 53-4-1 through 53-4-45, shall file articles of incorporation that meet the requirements of NMSA 1978 Section 53-4-5 with the fee required in NMSA 1978 Section 53-4-6. An association may file amendments to its articles of incorporation with the filing fee as provided in NMSA 1978 Section 53-4-7.

(2) Certificate of authority. A foreign cooperative association that meets the requirements of NMSA 1978 Section 53-4-41 may request that the commission issue a certificate of authority to do business in New Mexico.

(3) Statement designating registered agent and office. A cooperative association shall have and continuously maintain on file with the commission a registered agent and office that meet the requirements in NMSA 1978 Sections 53-4-6.1 and 53-4-6.2, and shall pay the fee provided in NMSA 1978 Section 53-2-1 for filing the required notice.

(4) Reports. A cooperative association shall file annual reports and supplemental reports and pay the filing fee as required by NMSA 1978 Section 53-4-34, and is subject to the forfeiture and penalty requirements of NMSA 1978 Section 53-4-35 for failure to report.

D. Merger and conversion.

(1) Converting to cooperative association. Any group incorporated under the laws of New Mexico may convert to a cooperative association by complying with, and filing amended articles as required by, NMSA 1978 Section 53-4-40.

(2) Reorganizing under sanitary projects act. A cooperative association may reorganize as a sanitary projects act association by complying with, and filing a certificate of association as required by, NMSA 1978 Section 3-29-20.

E. Dissolution. A cooperative association may voluntarily dissolve by complying with NMSA 1978 Section 53-4-36, and may file with the commission a statement indicating compliance.

F. Administrative revocation and forfeiture. The commission may administratively revoke a cooperative association by sending a notice of forfeiture under the circumstances provided in, and following the requirements of, NMSA 1978 Section 53-4-35. If the commission administratively revokes a cooperative association, the association may apply for reinstatement by complying with the applicable requirements in NMSA 1978 Section 53-4-35.

N.M. Admin. Code § 12.3.4.9

12.3.4.9 NMAC - N, 7-15-05