The liquidation of the assets and affairs of a corporation may be discontinued at any time during the liquidation proceedings when it is established that cause for liquidation no longer exists. In such event the court shall dismiss the proceedings and direct the receiver to redeliver to the corporation all its remaining property and assets.
§ 53-8-59 NMSA 1978
Discontinuance of liquidation proceedings
Known as the Nonprofit Corporation Act
The act spans §§ 53–53 (106 sections).
1953 Comp., § 51-14-101, enacted by Laws 1975, ch. 217, § 59.
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.