Section 3-23-7 - Appointment of receiver; qualifications; powers. - New Mexico Statutes

3-23-7. Appointment of receiver; qualifications; powers.

A.     Upon the failure of any municipality coming within the provisions of Sections 3-23-4, 3-23-7, 3-23-8 and 3-23-9 NMSA 1978, to comply with the provisions of these sections, the district court may at the suit of any resident taxpayer of the municipality appoint a receiver for the municipal utility. Under the court's direction, the receiver shall operate the municipal utility to accomplish the objectives and purposes of Sections 3-23-4, 3-23-7, 3-23-8 and 3-23-9 NMSA 1978.   

B.     No person shall be appointed a receiver unless he:   

(1)     has been an actual resident in good faith of the municipality for not less than one year prior to the date of his appointment; and   

(2)     is a taxpayer and owner of real estate of the value of at least five hundred dollars ($500) within the municipality. Upon petition to remove the receiver signed by not less than fifty-one percent of the qualified electors who are taxpayers resident within the municipality, the district court shall remove the receiver. A receiver shall act until discharged by the district court.