DECENTRALIZED UNINCORPORATED NONPROFIT ACT

HB 363 creates a new legal structure called a "decentralized unincorporated nonprofit association" in New Mexico, enabling groups to operate without traditional corporate oversight. It allows associations with at least two members to form under a written agreement, use blockchain and smart contracts for governance (like voting), and hold property for members' benefit - while prohibiting profit distribution to members. The bill requires filing formation documents with the Secretary of State and specifies that members' interests cannot be transferred or seized upon death or membership termination. This directly affects nonprofits seeking to leverage digital tools for decentralized decision-making while maintaining nonprofit status.