{"data":{"id":"us-nm/53-4-27","jurisdiction":"us-nm","citation":"53-4-27","heading":"Share and membership certificates; recall.","body":"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.","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":"b3ad9e106e711f6cfb80e1c136e0d850c1fcb9f72471a18ccb087105dff7580b","source_id":"us-nm","stale":false,"prev":"us-nm/53-4-26","next":"us-nm/53-4-28"},"notice":"GroundRules: Original legal text. Not legal advice."}