N.M. Stat. § 73-2-12
The officers of such community ditches or acequias shall consist of three commissioners and one mayordomo or superintendent, each of whom shall be the owner of an interest in the ditch or the water therein. The officers shall be elected biennially on the first Monday of December of the odd numbered years and shall assume the duties of their office not later than the first Monday of the following January.
On or before the first Monday of January, the commissioners shall organize by election of one of their number as chairman, another as secretary and another as treasurer. The treasurer shall be required to give a bond to the state in a sum to be fixed by the commissioners. The mayordomo shall also be required to give a bond to the state in a sum to be fixed by the commissioners. The condition of the bonds [is] to be for the accounting of all money coming into their hands by virtue of their offices and for the faithful performance of their respective duties. In the event of a vacancy in the office of mayordomo, the commissioners shall have power to appoint a mayordomo or superintendent to hold office until his successor is elected and qualified.
NMS § 73-2-12