Upon the voluntary or involuntary dissolution of a corporation, the portion of the assets distributable to any person who is unknown or cannot be found, or who is under disability and there is no person legally competent to receive the distributive portion, shall be reduced to cash and deposited with the state treasurer and shall be paid over to such person or to his legal representative upon proof satisfactory to the state treasurer of his right thereto.
§ 53-8-62 NMSA 1978
Deposits with state treasurer
Known as the Nonprofit Corporation Act
The act spans §§ 53–53 (106 sections).
1953 Comp., § 51-14-104, enacted by Laws 1975, ch. 217, § 62.
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.