Cooperative housing corporations may be formed by any three or more adult residents of this state associating themselves to form a cooperative or nonprofit corporation, pursuant to article 55, 56, or 58 of title 7, C.R.S., or the "Colorado Revised Nonprofit Corporation Act", articles 121 to 137 of title 7, C.R.S. The specified purpose of the entity must be to provide each stockholder in or member of the entity with the right to occupy, for dwelling purposes, a house or an apartment in a building owned or leased by the entity.
Source: L. 80: Entire article added, p. 704, § 1, effective July 1. L. 97: Entire section amended, p. 764, § 38, effective July 1, 1998. L. 2011: Entire section amended, (SB 11-191), ch. 197, p. 820, § 5, effective April 2, 2012.
ANNOTATION
Law reviews. For article, "Rights of First Refusal in Condominium Documents", see 11 Colo. Law. 389 (1982). For symposium on condominium law and practice, see 11 Colo. Law. 2734 (1982). For article, "Cooperative Housing Corporations in Colorado", see 13 Colo. Law. 2013 (1984).