Section 63-5-1 - Foreclosure of lands or property; rights of purchaser; certificate of new corporation; filing; contents. - New Mexico Statutes

63-5-1. [Foreclosure of lands or property; rights of purchaser; certificate of new corporation; filing; contents.]

That whenever the railroad lands or other property of any railroad corporation, created by or under any law of the United States, or of the state of New Mexico, or the part of the railroad, lands or other property of any such corporation situated in such state of New Mexico, shall be sold by virtue of a mortgage or deed of trust, or pursuant to the judgment or decree of any court of competent jurisdiction, or by virtue of any execution issued thereon, the purchasers at any such sale may acquire and become vested with the property sold and may acquire any other property and franchises, rights and powers of such corporation in this state or elsewhere. Such purchasers may associate with themselves any number of persons and with their associates may become a corporation with power to own, operate, exercise and enjoy the properties, franchises, rights and powers acquired by such purchasers, upon making, acknowledging and filing in the office of the state corporation commission [public regulation commission], a certificate in which they shall describe by name and by reference to the charter or law under which it was organized, the corporation whose property or part of whose property they have acquired, and the court or courts by whose authority the sale was made, with the date of the judgment or decree, authorizing or directing the same, and a brief description of the property sold, and also the following particulars:   

A.     the name of the new corporation intended to be formed by the filing of such certificate;   

B.     the maximum amount of its capital stock and the number of shares into which it is divided, and specifying the classes thereof, whether common or preferred, and the amount of and rights pertaining to each class;   

C.     the number of directors, not less than three nor more than fifteen, who shall manage the affairs of the new corporation and the names and post-office addresses of the directors for the first year.