The board of trustees of every such corporation shall hold four meetings in each year on the first Saturdays in the months of January, April, July and October for the transaction of all business of the corporation, of which meetings all persons shall be required to take notice. The corporation shall not be bound by any sale, mortgage, conveyance, lease or other disposition of its common property, or any part thereof, unless the same be made and executed in pursuance of a resolution of such board adopted by the affirmative vote of two-thirds of the members present at any of the regular meetings provided for by this section, and duly entered upon the record of such meeting and attested by the president of said board. The board of trustees may determine the method and advisability of disbursing, investing or handling moneys that come into their hands from the sales and revenues of the grant, and shall fix and determine the nature, amount and costs of improvements they may deem necessary to be made upon the grant by vote of two-thirds of the members present at any meeting. All contracts and vouchers for the payment of money must be signed by the president, and no payment or contract shall be made or effected unless the same be directed by two-thirds majority of the members present at any meeting.

History: Laws 1917, ch. 3, § 7; C.S. 1929, § 29-207; 1941 Comp., § 9-207; 1953 Comp., § 8-2-7.

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

Cross references. — For sale of common lands of community land grants generally, see 49-1-1 NMSA 1978.

Procedure to change character of corporation not included. — Whatever is meant by "sale" and "conveyance" in this section does not include the procedure enacted to change the character of the corporation itself. To hold otherwise would produce the absurd implication that a land grant corporation could have been converted into a domestic stock corporation by this section even before the enactment of 49-2-18 NMSA 1978. It would also produce a rather unexplainable conflict between the two provisions. Therefore, due process is not denied for failure to follow this section, since 49-2-18 NMSA 1978 is the applicable statute. Westland Dev. Co. v. Saavedra, 1969-NMSC-123, 80 N.M. 615, 459 P.2d 141.

Burden in quiet title suit. — In defending against quiet title suit, defendants had burden of showing that meeting at which deeds to plaintiffs were authorized was not in fact an adjourned session of a regular quarterly meeting of the board of trustees. Herrera v. Zia Land Co., 1947-NMSC-055, 51 N.M. 390, 185 P.2d 975.

No collateral attack against deed. — Defendants in suit to quiet title to lands in the town of Atrisco grant, claiming under deeds issued after deeds were delivered by the board of trustees to plaintiffs as heirs of the grant, could not collaterally attack the board's determination in this action. Herrera v. Zia Land Co., 1947-NMSC-055, 51 N.M. 390, 185 P.2d 975.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 73B C.J.S. Public Lands § 205.