N.M. Stat. § 73-21-12
After taking oath and filing bonds, the board shall choose one of its members as chairman of the board and president of the district, and shall elect a secretary and a treasurer of the board and of the district, who may or may not be members of the board. The secretary and treasurer may be one person. Such board shall adopt a seal and the secretary shall keep, in a well-bound book, a record of all of its proceedings, minutes of all meetings, certificates, contracts, bonds given by employees and all corporate acts which shall be open to inspection of all owners of real property in the district, as well as to all other interested parties.
The treasurer shall keep strict and accurate accounts of all money received by and disbursed for and on behalf of the district, in permanent records. He shall file with the clerk of court, at the expense of the district, a corporate fidelity bond in an amount not less than $5,000, conditioned on the faithful performance of the duties of his office.
The members of the board shall serve without compensation unless otherwise provided by the petition and order creating the district. Members shall be allowed their actual and necessary expenses incurred in performance of their duties.
The court having jurisdiction of the district shall have the power to remove directors for cause shown, on petition, notice and hearing.
NMS § 73-21-12