Executive board members and officers
- Statute:
- New Mexico §47-7C-3 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Governance · Board, budget, declarant control
- Applies to:
- Condo associations
The executive board acts for the association except as the declaration, bylaws, or this Act provide. Declarant-appointed officers and directors owe fiduciary care; owner-elected ones owe ordinary and reasonable care. Within 30 days of adopting a proposed budget, send a summary and set a ratification meeting 14 to 30 days after mailing; the budget is ratified unless a majority of all unit owners (or any larger vote the declaration specifies) reject it, whether or not a quorum is present. Declarant control ends no later than the earliest of: 180 days after conveyance of 90 percent of the units that may be created; two years after the declarant stops offering units in the ordinary course; or five years after a development right to add units was last exercised. After 50 percent conveyed, at least one member and not less than 25 percent of the board are appointed by the declarant from among unit owners who are not affiliates if available. At termination, unit owners elect a board of at least three, a majority unit owners. Remove a non-declarant-appointed director, with or without cause, by a two-thirds vote of those present and entitled to vote at a quorate meeting.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Executive board members and officers
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7C-3 require?
- The executive board acts for the association except as the declaration, bylaws, or this Act provide. Declarant-appointed officers and directors owe fiduciary care; owner-elected ones owe ordinary and reasonable care. Within 30 days of adopting a proposed budget, send a summary and set a ratification meeting 14 to 30 days after mailing; the budget is ratified unless a majority of all unit owners (or any larger vote the declaration specifies) reject it, whether or not a quorum is present.
- Who does New Mexico §47-7C-3 apply to?
- New Mexico §47-7C-3 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7C-3?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7C-3?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Executive board members and officers?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7C-3 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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