Any governmental member of the commission may terminate its membership after giving not less than ninety days’ notice in writing of its intention to withdraw. The notice shall be served upon the chairman of the commission personally or by mail. The ninety- day period begins to run from the date the notice is received by the chairman. The withdrawal of a member does not abrogate or impair any contract or commitment previously made by the withdrawing governmental agency for the fiscal year.

Terms Used In New Mexico Statutes 3-56-7

  • Contract: A legal written agreement that becomes binding when signed.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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