New Mexico Statutes 10-7A-2. Definitions
Current as of: 2023 | Check for updates
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As used in the Deferred Compensation Act:
Terms Used In New Mexico Statutes 10-7A-2
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A. “board” means the public employees retirement board;
B. “local public body” means all political subdivisions of the state, their agencies, instrumentalities and institutions;
C. “local public employee” means any officer or employee to whom a local public body pays a salary for services rendered;
D. “deferred compensation carriers” means any corporation, partnership or persons providing administrative, recordkeeping or investment consulting services to participants in deferred compensation plans pursuant to funding agreements; and
E. “state employee” means any officer or employee to whom the state pays a salary for services rendered.