The board of regents of the university of New Mexico shall meet and organize by the election of its officers at Albuquerque, in Bernalillo county, on the second Monday in March in each year; all officers so elected shall hold their offices until their successors are duly elected and qualified. At such elections they shall elect a president and a secretary and treasurer from their number. The person so elected as secretary and treasurer shall, before entering upon the discharge of his duties as such, execute a good and sufficient bond to the state of New Mexico, with two or more sufficient sureties, residents of this state, in the penal sum of not less then twenty thousand dollars [($20,000)], conditioned for the faithful performance of his duties as such secretary and treasurer, and that he will faithfully account for and pay over to the person or persons entitled thereto all moneys which shall come into his hands as such officer, which said bond shall be approved by the governor of the state, and shall be filed with the secretary of state.

History: Laws 1889, ch. 138, § 12; C.L. 1897, § 3574; Code 1915, § 5121; C.S. 1929, § 130-905; 1941 Comp., § 55-2405; 1953 Comp., § 73-25-5.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Cross references. — For tenure of office of state officers, see N.M. Const., art. XX, § 2.

Effect on secretary-treasurer of New Mexico state university. — This section and 21-8-4 NMSA 1978 require the secretary-treasurer of the board of regents of the college of agriculture and mechanic arts (New Mexico state university) to execute a bond to the state of $20,000 before entering on the discharge of his duties. State v. Llewellyn, 1917-NMSC-031, 23 N.M. 43, 167 P. 414, cert. denied, 245 U.S. 666, 38 S. Ct. 63, 62 L. Ed. 538 (1917).

Term of treasurer. — The treasurer of the board would still continue as such until the election and qualification of his successor under this section. Bowman Bank & Trust Co. v. First Nat'l Bank, 1914-NMSC-014, 18 N.M. 589, 139 P. 148.

Treasurer of state university may transfer a certificate of deposit from one depository to another. State v. Llewellyn, 1917-NMSC-031, 23 N.M. 43, 167 P. 414, cert. denied, 245 U.S. 666, 38 S. Ct. 63, 62 L. Ed. 538 (1917); Bowman Bank & Trust Co. v. First Nat'l Bank, 1914-NMSC-014, 18 N.M. 589, 139 P. 148.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Officers and Employees §§ 487, 488.

Malfeasance in office, public officer's bond as subject to forfeiture for, 4 A.L.R.2d 1348.

14A C.J.S. Colleges and Universities § 14.