New Mexico Statutes 76-12-3. Definitions
As used in this act N.M. Stat. Ann. § 76-12-1 through 76-12-23, unless the context or subject matter requires otherwise:
Terms Used In New Mexico Statutes 76-12-3
- 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.
- 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.
A. the term, “agricultural products” shall include horticultural, viticultural, nut, dairy, livestock, poultry, bee and any other farm products;
B. the term “member” means in addition to those admitted to membership in an association without capital stock, holders of common stock in associations organized with capital stock;
C. the term “association” means any corporation organized under this act or any similar corporation organized under any general or special act of this or any other state as a cooperative association, for the mutual benefit of its members, as agricultural producers, in which the return on the stock or membership capital is limited to an amount not to exceed eight per centum (8%) per annum, and which during any fiscal year does not deal with nonmembers’ products to an amount greater in value than members’ products;
D. the term “person” shall include: individuals, partnerships, firms, corporations and associations;
E. associations organized hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profit for themselves as such, nor for their members, as such, but only for their members as producers or users of products purchased.