N.M. Admin. Code § 12.11.9.16 - UNEQUAL VOTING RIGHTS
The offer and sale of securities that have less-than-equal voting rights may be deemed to be inconsistent with public investor protection and against public policy by the director unless:
A. the securities are given preferential treatment as to dividends and liquidation or the less than equal voting rights are justified to the satisfaction of the director; and
B. the terms of the voting rights are prominently disclosed on the cover page of the issuer's offering circular or prospectus.
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