A research park corporation shall not enter into any contract involving services or property of a value in excess of twenty thousand dollars ($20,000) with an employee of the university or with a business in which the employee has a controlling interest, except as provided in Section 21-28-25 N.M. Stat. Ann. if the employee has a controlling interest, unless the president of the university or the president’s designee makes a determination, in writing, that the employee is able to provide services that are not readily available from another person or is able to provide services that are less expensive or of higher quality than is otherwise available.

Terms Used In New Mexico Statutes 21-28-24

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.