{"data":{"id":"us-nm/53-4-36","jurisdiction":"us-nm","citation":"53-4-36","heading":"Voluntary dissolution.","body":"An association may, at any regular or special meeting legally called, be directed to dissolve by a vote of two-thirds of the entire membership. By a vote of a majority of the members voting three of their number shall be designated as trustees, who shall, on behalf of the association and within a time fixed in their designation or within any extension thereof, liquidate its assets, pay its debts and expenses; return to the members the par value of their shares or of their membership certificates; return to subscribers the amount paid on their subscriptions, to patrons the amount of savings returns credited to their accounts toward purchase of shares or membership certificates; and distribute any surplus in either or both of the following ways, as the articles may provide:\nA. among those patrons who have been members or subscribers at any time during the past six years, on the basis of their patronage during that period;\nB. as a gift to any consumers' cooperative association or other nonprofit enterprise which may be designated in the articles.","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":"e01e87f320b02fe4bf1a5a46b7a1b6507f310c40e7a3bc9388fefddbbc65f947","source_id":"us-nm","stale":false,"prev":"us-nm/53-4-35","next":"us-nm/53-4-37"},"notice":"GroundRules: Original legal text. Not legal advice."}