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IF THE BOARD OF A COOPERATIVE ASSOCIATION FAILS TO HOLD

Customer Question
IF THE BOARD OF...

IF THE BOARD OF A COOPERATIVE ASSOCIATION FAILS TO HOLD ANNUAL MEETINGS OR FAILS TO ALLOW A MEMBER OF THE ASSOCIATION TO INSPECT THE BOOKS AND RECORDS OF THE ASSOCIATION -- IS THIS A BREACH OF NEW MEXICO LAW?

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

YES

Lawyer's Assistant: Have you talked to a NM lawyer about this?

NO

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I DON'T BELIEVE SO.

Submitted: 8 months ago.Category: Legal
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Answered in 1 minute by:
11/15/2017
Lawyer: legalgems, Lawyer replied 8 months ago
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,647
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Lawyer: legalgems, Lawyer replied 8 months ago

Yes, per code 53-4-10 the association must hold meetings as outlined in the bylaws but at minimum once per year;

While code 53-4-33 requires an independent audit at the end of every fiscal year, there is no code requirement that the books be made available for inspection but that may be included in the governing documents.

The audit results are to be submitted to the annual meeting.

http://www.sos.state.nm.us/uploads/files/Corporations/ch53Art4.pdf

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Lawyer: legalgems, Lawyer replied 8 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
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The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
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