New Mexico Corporate Bylaws
Free New Mexico Bylaws Template
New Mexico corporate bylaws are internal documents outlining the rules and procedures of a corporation, and every corporation is required to have them. You can use our free, attorney-drafted New Mexico bylaws template below to get started.
Want incorporation and registered agent service too? Hire us to form your corporation and get access to our entire corporate forms library, lifetime local customer support, and much more.
What Is Included in New Mexico Bylaws?
According to New Mexico Stat § 53-11-27, corporate bylaws can include any provisions that don’t contradict the law or your Articles of Incorporation. At the least, your bylaws should cover the following:
- Powers of directors & officers
- Process for issuing & transferring stock
- Process for holding meetings & voting
- Management of capital and finance
- Record-keeping
- Amendments and emergencies
- Dissolution
Are NM Corporate Bylaws Required?
Yes. New Mexico law requires every corporation to adopt bylaws.
Who Prepares Corporate Bylaws?
New Mexico corporate bylaws are prepared by the board of directors, usually with assistance from a lawyer. In most cases, the bylaws are formally adopted at the initial organizational meeting of the corporation.
Are New Mexico Bylaws Legally Binding?
Yes. Corporate bylaws are legally binding and can be enforced in court. There can be serious legal consequences if the bylaws of your corporation are not followed.
Who Can Amend Bylaws in New Mexico?
Per NM Stat § 53-11-27, only the board of directors have the power to amend bylaws, unless the company’s Articles of Incorporation state that the shareholders, and not the directors, will have this power.
Why Are New Mexico Bylaws Important?
You’ll need to present your bylaws to investors, banks, and other institutions to prove that your corporation is following standard procedures. Since bylaws are legally required in New Mexico, you can’t afford to skip them.
Usually, your Articles of Incorporation only include basic information about your corporation. Most of the specifics, such as the rights and duties of shareholders, directors, and officers, the voting process, and emergency procedures, are covered in your bylaws. Establishing these rules right away can keep your corporation from becoming disorganized or running into conflict.
Free Legal Forms with Incorporation Service
Get instant access to our entire corporate forms library, including bylaws, initial resolutions, stock certificates, and more when you form your corporation with New Mexico Registered Agent.