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F I S C A L I M P A C T R E P O R T

SPONSOR García, M.P.

ORIGINAL DATE

LAST UPDATED

2/6/06

HB 762

SHORT TITLE Land Grant Corporation Reorganizations

SB

ANALYST Medina

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY06

FY07

NFI

(Parenthesis ( ) Indicate Expenditure Decreases)

Relates to Land Grants

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

House Bill 762 amends Section 49-2 NMSA 1978, which relates to corporations for management

of community land grants, with new language converting land grant corporations organized un-

der Laws 1891, Chapter 86 into land grants-mercedes governed according to Section 49-1

NMSA 1978, being Laws . The bill affects the twenty or more owners and proprietors of record

of land grant corporations organized in 1891, permitting them to propose bylaws and a plan of

conversion for the purpose of converting the existing land grant corporations into a land grant-

merced. The bill requires those proposing conversion to land grant-mercedes to notify all owners

and proprietors of record with voting rights in the existing corporation in both English and in

Spanish in local general circulation newspapers in the affected counties. The conversion from

land grant corporation to land grant-merced would need to be approved by a majority vote of the

owners and proprietors and would be filed with the Secretary of State.

DXM/nt