{"data":{"id":"us-nm/53-4-21","jurisdiction":"us-nm","citation":"53-4-21","heading":"Referendum.","body":"The articles or by-laws [bylaws] may provide that within a specified period of time any action taken by the directors must be referred to the members for approval or disapproval if demanded by petition of at least ten percent (10%) of all the members or by vote of at least a majority of the directors. However, the rights of third parties which have vested between the time of such action and such referendum shall not be impaired thereby.","path":["Chapter 53 - Corporations","ARTICLE 4 Cooperative Associations"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18556/index.do","current_through":"2025-06-20","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"d56d4338bdedbd8b374d525c75b1bdfe5940e99ac792bd2ff9f9b39710bbba65","source_id":"us-nm","stale":false,"prev":"us-nm/53-4-20","next":"us-nm/53-4-21.1"},"notice":"GroundRules: Original legal text. Not legal advice."}