Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-103-101 General corporate powers
4.7K chars
(1) A state bank may be organized to exercise the powers provided in this code. (2) Subject to the provisions of section 11-103-102, a state bank organized under the laws of this state shall, without specific mention thereof in its charter, have all the powers conferred by this c…
Colo. Rev. Stat. § 11-103-102 Trust, fiduciary, and agency powers - when authorized
0.9K chars
In addition to its other powers, a state bank that is authorized by its charter to exercise trust powers, upon proper qualification under this code, has the power to act as a fiduciary in any capacity. It may also act as registrar, transfer agent, fiscal agent, or attorney-in-fac…
Colo. Rev. Stat. § 11-103-103 State bank organized as a limited liability company
3.8K chars
(1) Pursuant to section 11-102-104 (5.5)(a), a state bank charter may be issued to a limited liability company that otherwise meets the requirements of this code. (2) A state bank organized as a limited liability company shall not be required to exist in perpetuity; except that t…
Colo. Rev. Stat. § 11-103-201 Capital
0.8K chars
The banking board shall establish by rule the capital standards and guidelines, the methods for measuring capital, and the definitions of capital, capital adequacy, capital inadequacy, and other related terms for banks subject to this code, that may differ for specific purposes. …
Colo. Rev. Stat. § 11-103-202 Inadequacy of capital - assessments
2.1K chars
(1) If the banking board has reason to believe that the capital of any bank is inadequate under the rules of the banking board, the banking board may ascertain the facts and furnish the bank with a copy of its determination. If the banking board determines an inadequacy of capita…
Colo. Rev. Stat. § 11-103-203 Liability of shareholders
4.4K chars
(1) The shareholders of every state bank shall be held individually responsible, equally and ratably, and not for another, for all contracts, debts, and engagements of said bank, to the extent of double the amount of their stock therein, at the par value thereof, in addition to t…
Colo. Rev. Stat. § 11-103-301 Incorporators
1.2K chars
Five or more individual incorporators of a de novo bank or organizers of a converting bank desiring to organize or convert to a state bank must file with the banking board an application for charter on the form prescribed therefor and together with all other documents required by…
Colo. Rev. Stat. § 11-103-302 Application fees
0.4K chars
Each application for charter shall be accompanied by a fee established by the banking board pursuant to section 11-102-104 (11). The fee may be refunded to the incorporators if the application for charter is withdrawn prior to the date set for public hearing. Source: L. 2003: Ent…
Colo. Rev. Stat. § 11-103-303 Application for de novo charter or charter conversion
4.6K chars
(1) After the capital stock has been fully subscribed, the incorporators may apply to the banking board for a de novo bank charter. The incorporators or organizers of the converting bank must submit to the banking board the following: (a) Its proposed articles of incorporation in…
Colo. Rev. Stat. § 11-103-304 Procedure for granting or denying charter
8.2K chars
(1) Within sixty days following the filing of the completed application for a de novo charter or conversion of an established bank, the commissioner shall make or cause to be made a careful investigation to determine that the following requirements have been met: (a) That the app…
Colo. Rev. Stat. § 11-103-401 Subscription calls
0.6K chars
After a de novo charter has been granted, the directors may call for the payment of the subscriptions in full within thirty days after the date of the notice that the charter has been granted. The bank shall not issue any shares until the bank has paid in full, in cash, the par v…
Colo. Rev. Stat. § 11-103-402 First meetings of stockholders - director's oath - bylaws
4.9K chars
(1) After the capital and surplus have been fully paid in cash and before any business is transacted, the incorporators shall call a meeting of the stockholders, on at least ten days' notice, to elect directors and to adopt bylaws, and shall direct the call, on at least five days…
Colo. Rev. Stat. § 11-103-403 Stockholders’ meetings - voting trusts - preemptive right - transfer of stock - rules
3.2K chars
(1) A regular annual meeting of stockholders shall be held each year as the bylaws direct. A special meeting may be called at any time by the banking board or the commissioner, by not less than one-third of the directors, or by the holders of twenty-five percent of the outstandin…
Colo. Rev. Stat. § 11-103-404 Waiver of notice - meeting or vote
4.3K chars
(1) When a notice is required to be given to stockholders under this code, or the charter or bylaws of any state bank, a waiver thereof in writing, signed by the person entitled to said notice, either before or after the time stated therein, shall be deemed equivalent thereto. (2…
Colo. Rev. Stat. § 11-103-405 Amendment of articles - change of location - authorized but unissued stock
3.3K chars
(1) A state bank may apply to the banking board to amend its articles of incorporation or to change its location. (2) An application for an amendment of the articles of incorporation to change the authorized capital and the number and par value of the shares, to acquire or abando…
Colo. Rev. Stat. § 11-103-406 Dividends - when payable
0.4K chars
The board of directors of a state bank may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board. Source: L. 2003: E…
Colo. Rev. Stat. § 11-103-501 Directors and officers
3.6K chars
(1) The affairs of a state bank shall be managed by a board of directors, which shall exercise its powers and be responsible for the discharge of its duties. The number of directors, not fewer than three nor more than twenty-five, shall be as fixed by the bylaws, and the number s…
Colo. Rev. Stat. § 11-103-502 Directors' meetings - duties
6.4K chars
(1) The board of directors of a state bank shall meet at least once each calendar quarter, unless the banking board directs that meetings be held on a more frequent basis, or a less frequent basis in the case of disaster or emergency. The banking board, the commissioner, or an ex…
Colo. Rev. Stat. § 11-103-503 Waiver of notice - meeting or vote
1.1K chars
(1) When a notice is required to be given to directors under this code, or the charter or bylaws of any state bank, a waiver thereof in writing, signed by the person entitled to said notice, either before or after the time stated therein, shall be deemed equivalent thereto. (2) I…
Colo. Rev. Stat. § 11-103-601 Director and officer insurance and fidelity bonds - legislative declaration
4.3K chars
(1) The directors of a state bank shall require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the result of…
Colo. Rev. Stat. § 11-103-602 Indemnification and personal liability of directors, officers, employees, and agents
0.8K chars
A state bank has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article 109 of title 7. State bank directors, officers, employees, and agents have the same rights as directors, officers, employee…
Colo. Rev. Stat. § 11-103-603 Deposit insurance - membership in federal reserve system - federal national mortgage association
1.4K chars
(1) A state bank is authorized to do any act necessary to obtain insurance of its deposits by the United States or any agency thereof and to acquire and hold membership in the federal reserve system or to take advantage of any other act or resolution of congress that may be enact…
Colo. Rev. Stat. § 11-103-701 Merger or conversion
1.4K chars
(1) Upon approval of the banking board, banks may be merged with, or converted into, a resulting state bank as prescribed in this article; except that the action by a constituent national bank shall be taken in the manner prescribed by, and is subject to, any limitation or requir…
Colo. Rev. Stat. § 11-103-702 Approval of merger by directors
1.4K chars
(1) Where there is to be a resulting state bank, the board of directors of each constituent state bank shall, by a majority of the entire board, approve a merger agreement, which agreement shall contain: (a) The name of each constituent bank and the location of each office; (b) W…
Colo. Rev. Stat. § 11-103-703 Approval by banking board
2.0K chars
(1) After approval by the board of directors of each constituent bank, the merger agreement shall be submitted to the banking board for approval, together with certified copies of the authorizing resolutions of the several boards of directors showing approval by a majority of the…
Colo. Rev. Stat. § 11-103-704 Approval by stockholders - rights of dissenters
2.1K chars
(1) To be effective, a merger must be approved by the stockholders of each constituent state bank by a vote of two-thirds of the outstanding voting stock, at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the result…
Colo. Rev. Stat. § 11-103-705 Effective date of merger - certificate
1.2K chars
(1) Unless a later date is specified in the agreement, a merger becomes effective upon the approval by the banking board of the executed agreement, together with copies of the resolutions of the stockholders of each constituent bank approving it, certified by the bank's president…
Colo. Rev. Stat. § 11-103-706 Continuation of corporate entity
0.8K chars
(1) The resulting state bank shall be considered the same business and corporate entity as each constituent bank with all of the rights, powers, and duties of each constituent bank, except as limited by the charter and bylaws of the resulting state bank. (2) The resulting state b…
Colo. Rev. Stat. § 11-103-707 Conversion from state bank to national and vice versa
2.1K chars
(1) Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and, upon completion of such conversion, it shall surrender its charter as a state bank. (2) The board shall grant a s…
Colo. Rev. Stat. § 11-103-708 Nonconforming assets
0.6K chars
If a constituent bank has assets that do not conform to the requirements of state law for the resulting bank, or if a converting national bank has assets that do not conform to the requirements of a state law for the converted state bank, or if, in either case, there are business…
Colo. Rev. Stat. § 11-103-709 Sale of all assets of bank, branch, or department
2.5K chars
(1) Any state bank may sell to any other bank all, or substantially all, of the selling bank's assets and business, or all, or substantially all, of the assets and business of any department or branch of the selling bank. (2) Any state bank may, upon assuming the liabilities rela…
Colo. Rev. Stat. § 11-103-801 Voluntary liquidation and dissolution
5.0K chars
(1) With the approval of the banking board, a state bank may liquidate and dissolve. The banking board shall grant such approval if it appears that the proposal to liquidate and dissolve has been approved by a vote of two-thirds of the outstanding voting stock at a meeting called…
Colo. Rev. Stat. § 11-103-802 Involuntary liquidation by banking board - reorganization
8.0K chars
(1) (a) Except as otherwise provided in this code, only the banking board may take possession of a state bank if, after a hearing before the banking board, the banking board finds: The bank's capital is inadequate or it is otherwise in an unsound condition; the bank's business is…
Colo. Rev. Stat. § 11-103-803 Reorganization plan
1.8K chars
(1) A plan of reorganization shall not be prescribed under this code unless: (a) The plan is feasible and fair to all classes of depositors, creditors, and stockholders; (b) The aggregate face amount of the interest accorded to any class of depositors, creditors, or stockholders …
Colo. Rev. Stat. § 11-103-804 Liquidation by commissioner - procedure
12.2K chars
(1) In liquidating a state bank, the commissioner may exercise any power thereof, but the commissioner shall not, without the approval of the court in which notice of possession has been filed: (a) Sell any asset of the bank having a value in excess of five hundred dollars; (b) C…
Colo. Rev. Stat. § 11-103-805 Federal deposit insurance corporation or successor as liquidator
6.4K chars
(1) The federal deposit insurance corporation, created by section 12B of the “Federal Reserve Act”, as amended, or its successor is authorized to act without bond as liquidator of any banking institution, the deposits in which are to any extent insured by said corporation or its …
Colo. Rev. Stat. § 11-103-806 Assets sold or pledged as security
1.1K chars
(1) With respect to any banking institution closed on account of inability to meet the demands of its depositors or by action of the banking board or by action of its directors or in the event of its capital inadequacy or suspension, the liquidator of such institution may borrow …
Colo. Rev. Stat. § 11-103-807 Enforcement of directors' liability
0.5K chars
Among its other powers, the federal deposit insurance corporation, in the performance of its powers and duties as such liquidator, has the right and power, upon the order of a court of record of competent jurisdiction, to enforce the individual liability of the directors of any s…
Colo. Rev. Stat. § 11-103-808 Emergency grant of new charter
0.9K chars
In addition to powers regarding liquidation or reorganization, the banking board may, in the interest of protecting the public and the depositors of a closed state bank or national banking association with its principal office in this state, issue a new bank charter to qualified …
Colo. Rev. Stat. § 11-103-809 Emergency grant of branch facility - legislative declaration
2.5K chars
(1) The general assembly hereby finds, determines, and declares that the economy of this state and its communities and the public interest will be better served by permitting financial institutions, as defined in section 11-101-401 (35), to operate at the same location as a close…
Colo. Rev. Stat. § 11-103-810 Preapproved shelf charter
1.2K chars
The board may preapprove a shelf charter for a new bank to qualified individuals, contingent upon the new bank completing all specified requirements and purchasing the assets and assuming the liabilities of a bank in receivership as the federal deposit insurance corporation may d…