Section 53-4-40 - Existing cooperative corporations.
53-4-40. Existing cooperative corporations.
A group incorporated under another law of this state and operating on a cooperative basis may elect by a vote of two-thirds of the members voting to secure the benefits of and be bound by the provisions of the Cooperative Association Act [Chapter 53, Article 4 NMSA 1978] and shall amend its articles and bylaws not in conformity with those provisions. A certified copy of the amended articles shall be filed with the public regulation commission and a fee of twenty-five dollars ($25.00) shall be paid.