Any natural person, association, incorporated or unincorporated group organized on a cooperative basis, or any nonprofit group shall be eligible for membership in an association if it has met any qualifications for eligibility stated in the articles or by-laws [bylaws], and shall be deemed a member upon payment in full for the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership. History: Laws 1939, ch. 164, § 23; 1941 Comp., § 54-1423; 1953 Comp., § 51-15-23. Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. A cooperative incorporated under the Cooperative Association Act may not lawfully receive state funds. — A cooperative incorporated under the Cooperative Association Act (CAA) may not be comprised of public entities, and therefore no New Mexico public funds may be provided to a cooperative organized under the CAA and meeting the requirements for tax exempt status of Internal Revenue Code Section 501(c)(12), unless such funds satisfy the requirements of the New Mexico anti-donation clause. This limitation applies to state funds only, and does not apply to any federal funds that are channeled through a state entity. Legality of a 501(c)(12) Cooperative to Receive State and Federal Funding for the Development and Operation of Fiber-Optic Broadband Networks (7/19/22), Att'y Gen. Adv. Ltr. 2022-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 14, 21; 18A Am. Jur. 2d Corporations §§ 728 to 730. 18 C.J.S. Corporations §§ 293 to 304.
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