Constitution of New Mexico (2025 publisher edition) — ARTICLE XI

Publisher edition notice: This collection preserves the complete Secretary of State's 2025 compilation, identifying amendments through 2024, including the publisher's source notes and annotations. Later amendments have not been independently verified.

ARTICLE XI

ARTICLE XI Corporations Other Than Municipal Sec. 1. Creation and composition of public regula- tion commission. 2. Responsibilities of public regulation com- mission. 13. General corporation laws. 14. Corporations subject to police power. 18. Eminent domain of corporate property. 19. Chartering corporations. 20. Creation of office of superintendent of insurance. Section 1. [Creation and composition of public regulation commission.] A. The "public regulation commis- sion" is created. Until January 1, 2023, the commission shall consist of five members elected from districts provided by law for staggered four-year terms beginning on January 1 of the year following their elec- tion; provided that after serving two terms, members shall be ineligible to hold office as a commission member until one full term has intervened; and provided further that commission members elected for terms beginning January 1, 2021 shall hold office for two years.

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144© 2025 State of New Mexico. New Mexico Compilation Commission. All rights reserved. Article XI – Corporations Other Than Municipal B. Beginning January 1, 2023, the commission shall consist of three members. The governor shall nominate members from a list of qualified nominees submitted to the governor by the public regulation commis- sion nominating committee, as provided by law, and by and with the consent of the sen- ate shall appoint members to fill positions and vacancies on the commission; provided that no more than two commissioners shall be members of the same political party. Members so appointed shall serve six-year staggered terms; provided that, after serving two consecutive six-year terms, members shall be ineligible to hold office as commis- sioner until one full term has intervened. A person appointed to fill a vacancy on the commission shall serve for the remainder of the unexpired term. C. A six-year term for a commission position shall begin on January 1 of the year following the expiration of the prior term for that position; provided that in Jan- uary 2023, one member shall be appointed for an initial term of two years, one mem- ber for an initial term of four years and one member for a six-year term. D. The legislature shall provide, by law, for professional qualifications and

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145© 2025 State of New Mexico. New Mexico Compilation Commission. All rights reserved. Article XI – Corporations Other Than Municipal continuing education requirements for commissioners and for the creation of and procedures for the public regulation com- mission nominating committee. E. A commission member may be removed by impeachment for accepting anything of value from a person or entity whose charges for services to the public are regulated by the commission, malfeasance, misfeasance or neglect of duty. (As added November 5, 1996; as amended November 6, 2012 and November 3, 2020.) Sec. 2. [Responsibilities of public regulation commission.] The public regulation commission shall have responsibility for regulating public utilities as provided by law. The public regulation commission may have responsi- bility for regulation of other public service companies in such manner as the legisla- ture shall provide. (As added November 5, 1996; as amended November 6, 2012 and November 3, 2020.) Sec. 13. [General corporation laws.] The legislature shall provide for the or- ganization of corporations by general law.

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146© 2025 State of New Mexico. New Mexico Compilation Commission. All rights reserved. Article XI – Corporations Other Than Municipal All laws relating to corporations may be altered, amended or repealed by the legis- lature, at any time, when necessary for the public good and general welfare, and all corporations, doing business in this state, may, as to such business, be regulated, lim- ited or restrained by laws not in conflict with the constitution of the United States or of this constitution. Sec. 14. [Corporations subject to police power.] The police power of this state is supreme over all corporations as well as individuals. Sec. 18. [Eminent domain of corporate property.] The right of eminent domain shall never be so abridged or construed as to prevent the legislature from taking the property and franchises of incorporated companies and subjecting them to the public use, the same as the property of individuals. Sec. 19. [Chartering corporations.] The secretary of state shall have respon- sibility for chartering corporations in such a

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147© 2025 State of New Mexico. New Mexico Compilation Commission. All rights reserved. Article XI – Corporations Other Than Municipal manner as the legislature shall provide. (As added November 6, 2012.) Sec. 20. [Creation of office of superintendent of insurance.] A. The office of "superintendent of in- surance" is created as of July 1, 2013. The superintendent of insurance shall regulate insurance companies and others engaged in risk assumption in such manner as pro- vided by law. The superintendent of insur- ance shall be appointed by the insurance nominating committee and serve for such terms as may be provided by law; provided that the term of the first superintendent of insurance appointed pursuant to this 2012 amendment shall begin on July 1, 2013 and end on December 31, 2015. B. The insurance nominating com- mittee shall be appointed and have such qualifications as may be provided by law. The insurance nominating committee shall evaluate applications for superintendent of insurance in accordance with qualifications for superintendent of insurance established by law. (As added November 6, 2012.)

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148© 2025 State of New Mexico. New Mexico Compilation Commission. All rights reserved. Article XII – Education