This bill seeks to strengthen the regulations governing the incorporation of cooperative associations, nonprofit corporations, and both foreign and in-state business corporations in New Mexico. It introduces provisions that invalidate articles of incorporation or filings for unincorporated associations and clubs if they contain the name or address of a non-existent person or one not affiliated with the organization. Upon proof of such invalidity, the Secretary of State is mandated to revoke the registration of the association or corporation. Additionally, individuals who file invalid articles or registrations will be guilty of a misdemeanor, subject to penalties as outlined in Section 31-19-1 NMSA 1978.

The bill amends several sections of Chapter 53 NMSA 1978, clarifying the filing process and requirements for articles of incorporation, registered offices, and registered agents. Key insertions include definitions of invalid filings and associated penalties, as well as the requirement for the Secretary of State to remove invalid registrations from official records. The term "commission" is replaced with "secretary of state" in multiple instances to clarify the role of the secretary in processing documents. The bill also establishes that articles of amendment and applications for certificates of authority are invalid if they include names or addresses of individuals not affiliated with the corporation, with similar penalties for filing such invalid documents. The effective date for these changes is set for July 1, 2025.

Statutes affected:
introduced version: 53-4-6, 53-8-32, 53-10-1, 53-11-11, 53-11-13, 53-12-3, 53-13-5, 53-17-6