Statutes > New Mexico Statutes > Chapter 53 - Corporations. > Article 8 - Nonprofit Corporations, 53-8-1 through 53-8-99. > Section 53-8-59 - Discontinuance of liquidation proceedings.

Section 53-8-59 - Discontinuance of liquidation proceedings.

53-8-59. Discontinuance of liquidation proceedings.

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.