Section 73-13-7 - Bondholders may be authorized to appoint director. - New Mexico Statutes

73-13-7. [Bondholders may be authorized to appoint director.]

Whenever the board of directors of an irrigation district are authorized to issue bonds of the district, or refunding bonds, and have issued or are about to issue such bonds, said board shall be authorized to enter into a contract with the purchasers of said bonds, or with the financial agency which may undertake or have in charge the sale thereof, that so long as any of such bonds remain outstanding, the owners of two-thirds in principal amount of said bonds may appoint one as director of said district. Such appointment shall be made by a written statement, in duplicate, signed by the owners of two-thirds of said bonds, showing the number, series, par value and date of issue of each bond owned or held by each respectively, and appointing such person as may be provided by such contract to be member of the board of directors of said district. One of such duplicate statements shall be filed with the board of directors of the district and entered in full upon the minutes of its next meeting, and the other with the county clerk. Directors so appointed shall not be required to have any other qualifications than those herein or in said duplicate statement provided but shall take the oath and give any bond required by law. They shall have the same powers, duties and liabilities as other directors of the district but shall receive no compensation for their services.