Statutes > New Mexico Statutes > Chapter 53 - Corporations. > Article 4 - Cooperative Associations, 53-4-1 through 53-4-45. > Section 53-4-27 - Share and membership certificates; recall.

Section 53-4-27 - Share and membership certificates; recall.

53-4-27. Share and membership certificates; recall.

The by-laws [bylaws] may give the directors the power to use the surplus funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership; and may also provide that if any member has failed to patronize the association during a period of time specified in the by-laws [bylaws], the directors may use the surplus funds to recall all his holdings and thereupon he shall cease to be a member of the association. When so recalled, such share or membership certificates shall be either reissued or canceled.