Title 7, Corporations and Associations
0 chapters · 1,168 sections in this title.
Colo. Rev. Stat. § 7-48-101 Short title
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This article shall be known and may be cited as the Colorado Business Development Corporation Act. Source: L. 65: p. 447, � 1. C.R.S. 1963: � 31-23-1.
Colo. Rev. Stat. § 7-48-102 Definitions
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As used in this article, unless the context otherwise requires: (1) Board of directors means the board of directors of a corporation created under this article. (2) Corporation means a Colorado business development corporation created under the provisions of this article. (3) Fin…
Colo. Rev. Stat. § 7-48-103 Incorporation - applicability of “Colorado Business Corporation Act”
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A business development corporation may be incorporated in this state pursuant to the provisions of article 102 of this title, and all the provisions of the “Colorado Business Corporation Act”, articles 101 to 117 of this title, not in conflict with or inconsistent with the provis…
Colo. Rev. Stat. § 7-48-104 Domestic entity name
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In addition to complying with part 6 of article 90 of this title, providing for entity names, each corporation created under this article shall have as part of its domestic entity name the words Business Development. Source: L. 65: p. 448, � 1. C.R.S. 1963: � 31-23-4. L. 2003: En…
Colo. Rev. Stat. § 7-48-105 Approval of governor
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The articles of incorporation shall not be filed by the secretary of state unless approved by the governor in writing. This approval shall not be given by the governor until the governor first has sought the advice of the division of commerce and development. Source: L. 65: p. 44…
Colo. Rev. Stat. § 7-48-106 Restrictions on powers
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(1) The powers of a corporation shall be subject to the following restrictions: (a) It shall not approve any application for a loan until the applicant shall have shown that the applicant has applied to a financial institution that could lawfully lend the amount of money sought a…
Colo. Rev. Stat. § 7-48-107 Acquisition or disposition of securities and capital stock
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Notwithstanding any other provision of law, any person, corporation, public utility, financial institution, or labor union may acquire, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, debentures, securities, or other evidences of indebted…
Colo. Rev. Stat. § 7-48-108 Membership - loans from members
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(1) Any financial institution is authorized to become a member of a corporation by making application to the board of directors on such form and in such manner as the board of directors may require, and membership shall become effective upon acceptance of the application by said …
Colo. Rev. Stat. § 7-48-109 Capital stock - stockholders and members
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(1) Each share of stock of a corporation shall have a par value of one hundred dollars and shall be issued for cash. No preferred stock shall be issued. At least one hundred thousand dollars shall be paid into the treasury for capital stock before the corporation shall be authori…
Colo. Rev. Stat. § 7-48-110 Directors
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The business and affairs of a corporation shall be conducted by a board of directors. The number of directors shall be a multiple of three. Two-thirds of the directors shall be elected by the members and one-third shall be elected by the stockholders. Any vacancy in the office of…
Colo. Rev. Stat. § 7-48-111 Amendments to articles of incorporation
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No amendment to the articles of incorporation shall be made which increases the obligation of a member to make loans to the corporation or which makes any change in the principal amount, interest rate, maturity date, or security or credit position of any outstanding loan made by …
Colo. Rev. Stat. § 7-48-112 Earned surplus
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Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus is equal in value to one-half of the amount paid in on the capital stock then outstanding. If the amount of surplus so establ…
Colo. Rev. Stat. § 7-48-113 Members to have rights of stockholders
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The rights given to stockholders under the provisions of sections 7-102-106, 7-103-104, 7-110-203, and 7-114-102 shall apply to members as well as to stockholders of a corporation created under this article. Source: L. 65: p. 452, � 1. C.R.S. 1963: � 31-23-13. L. 93: Entire secti…
Colo. Rev. Stat. § 7-48-114 Deposit of funds
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No corporation formed under the provisions of this article shall at any time be authorized to receive money on deposit. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majorit…
Colo. Rev. Stat. § 7-48-115 Books and records
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A corporation shall keep, in addition to the books and records required by sections 7-116-101 and 7-116-102, a record showing the names and addresses of all members of the corporation and the current status of loans made by each to the corporation. Members shall have the same rig…
Colo. Rev. Stat. § 7-48-116 Credit of state not pledged
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Under no circumstances is the credit of the state pledged in this article. Source: L. 65: p. 452, � 1. C.R.S. 1963: � 31-23-16.