Statutes > New Mexico Statutes > Chapter 53 - Corporations. > Article 2 - Fees and Miscellaneous Corporation Law, 53-2-1 through 53-2-11. > Section 53-2-5 - Mutual associations; creation of capital stock.

Section 53-2-5 - Mutual associations; creation of capital stock.

53-2-5. [Mutual associations; creation of capital stock.]

The members of any mutual association, heretofore or hereafter incorporated, may provide for and create a capital stock of such corporation, upon the consent in writing of all the members of the corporation, and may provide for the payment of such stock, and fix and prescribe the rights and privileges of the stockholders therein.