The initial bylaws of a corporation shall be adopted by its board of directors. The power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless reserved to the shareholders by the articles of incorporation. The bylaws may contain any provisions for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorporation.
§ 53-11-27 NMSA 1978
Bylaws
Known as the Business Corporation Act
The act spans §§ 53–53 (54 sections).
1953 Comp., § 51-24-26, enacted by Laws 1967, ch. 81, § 26.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.