Any officer or agent may be removed by the board of directors whenever in its judgment the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person removed. Election or appointment of an officer or agent shall not of itself create contract rights.
§ 53-11-49 NMSA 1978
Removal of officers
Known as the Business Corporation Act
The act spans §§ 53–53 (54 sections).
1953 Comp., § 51-24-47, enacted by Laws 1967, ch. 81, § 47.
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.