A foreign corporation which has received a certificate of authority under the Business Corporation Act shall, until a certificate of revocation or of withdrawal, has been issued as provided in the Business Corporation Act, enjoy the same, but no greater, rights and privileges as a domestic corporation organized for the purposes set forth in the application pursuant to which the certificate of authority is issued; and, except as otherwise provided in the Business Corporation Act, is subject to the same duties, restrictions, penalties and liabilities now or hereafter imposed upon a domestic corporation of like character.
History: 1953 Comp., § 51-30-2, enacted by Laws 1967, ch. 81, § 104.
Compiler's notes. — This section is derived from Section 107 of the ABA Model Business Corporation Act.
Solicitation not transaction of business. — Where court construes previous decisions to hold that mere solicitation of a contract in this state by an agent, to be accepted at a home office in a foreign state, amounts to the transaction of business and that any action thereon is barred, the court errs. Vernon Co. v. Reed, 1967-NMSC-261, 78 N.M. 554, 434 P.2d 376 (decided under former law).
Foreign public utility has power of eminent domain. — Under 62-1-1 and 62-1-4 NMSA 1978, a foreign public utility authorized to do business in this state has the same right as a domestic public utility to exercise the power of eminent domain in this state. El Paso Elec. Co. v. Real Estate Mart, Inc., 1979-NMSC-023, 92 N.M. 581, 592 P.2d 181. See now 62-1-1.1 NMSA 1978 (decided under prior law).
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