New Mexico Statutes 60-2D-14. Revocation and suspension
The commission, using the procedures of the Uniform Licensing Act [61-1-1 to 61-1- 31 NMSA 1978]:
Terms Used In New Mexico Statutes 60-2D-14
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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. when dealing with a general bicycle-racing license, may revoke or suspend the license if the licensee:
(1) as an individual or, if a partnership, joint venture or corporation, if any partner, joint venturer, officer or director has been convicted of any crime which if committed in New Mexico is or would have been a felony or of the violation of any law of the United States or of any state concerning gambling or racing or of any rule or regulation of this or any other racing commission; or
(2) has made any false or fraudulent statement of a material nature in his application; or
B. when dealing with a pari-mutuel bicycle-racing license, may revoke or suspend the license for any reason given in Subsection A of this section or if the licensee:
(1) incorporates as a foreign corporation; (2) loses his residence in New Mexico;
(3) is a corporation and amends its charter to allow its voting stock to be sold, mortgaged or otherwise pledged or transferred without ten days’ prior written notice to the commission;
(4) is a corporation and sells, mortgages or otherwise pledges or transfers any of the voting stock of the corporation without ten days’ prior written notice to the commission;
(5) is a corporation and allows any of its voting stock to be held for an undisclosed principal, unless the corporation is listed on a national stock exchange and the named stockholder is a recognized nominee; or
(6) sells, mortgages or otherwise pledges or disposes of any of the assets listed and described on the application for license without approval of the commission.