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Colorado Statutes, Title 7

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Title 7, Corporations and Associations

0 chapters · 1,076 sections in this title.

All chapters in Title 71,076 Ch 58129 Ch 9088 Ch 8082 Ch 5665 Ch 6459 Ch 6255 Ch 6050 Ch 6131 Ch 10827 Ch 12825 Ch 5522 Ch 3021 Ch 10720 Ch 12719

1,076 sections·Filtered byTitle 7✕

Colo. Rev. Stat. § 7-113-204 Perfection of rights - right to withdraw
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(1) A shareholder that receives notice pursuant to section 7-113-203 and that wishes to exercise appraisal rights must sign and return the form sent by the corporation and, in the case of certificated shares, deposit the shareholder's certificates in accordance with the terms of …
Colo. Rev. Stat. § 7-113-205 Payment
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(1) Except as provided in section 7-113-206, within thirty days after the date specified in section 7-113-203 (2)(b)(II), the corporation shall pay in cash to those shareholders who complied with section 7-113-204 (1) the amount the corporation estimates to be the fair value of t…
Colo. Rev. Stat. § 7-113-206 After-acquired shares
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(1) The corporation may elect to withhold payment otherwise required by section 7-113-205 from any shareholder that was required to certify, but did not certify, that beneficial ownership of all of the shareholder's shares for which appraisal rights are asserted was acquired befo…
Colo. Rev. Stat. § 7-113-207 Procedure if shareholder is dissatisfied with payment or offer

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(1) A shareholder that is paid pursuant to section 7-113-205 and is dissatisfied with the amount of the payment must notify the corporation in writing of that shareholder's estimate of the fair value of the shares and demand payment of that estimate, plus interest, less any payme…

Colo. Rev. Stat. § 7-113-301 Court action

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(1) If a demand for payment under section 7-113-207 remains unresolved, the corporation shall commence a proceeding within sixty days after receiving the payment demand and petition the court to determine the fair value of the shares and accrued interest. If the corporation does …

Colo. Rev. Stat. § 7-113-302 Court costs and expenses

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(1) The court in an appraisal proceeding commenced under section 7-113-301 shall determine all costs of the proceeding, including the reasonable compensation and expenses of appraisers appointed by the court. The court shall assess the costs against the corporation; except that t…

Colo. Rev. Stat. § 7-113-401 Other remedies limited

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(1) The legality of a proposed or completed corporate action described in section 7-113-102 (1) may not be contested, nor may the corporate action be enjoined, set aside, or rescinded, in a legal or equitable proceeding by a shareholder after the shareholders have approved the co…

Colo. Rev. Stat. § 7-114-101 Authorization of dissolution before issuance of shares

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If a corporation has not yet issued shares, a majority of its directors or, if no directors have been elected, a majority of its incorporators may authorize the dissolution of the corporation. Source: L. 93: Entire article added, p. 822, § 1, effective July 1, 1994.

Colo. Rev. Stat. § 7-114-102 Authorization of dissolution after issuance of shares

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(1) After shares have been issued, dissolution of a corporation may be authorized in the manner provided in subsection (2) of this section. (2) For a proposal to dissolve the corporation to be authorized: (a) The board of directors shall adopt the proposal to dissolve; (b) The bo…

Colo. Rev. Stat. § 7-114-102.5 Dissolution upon expiration of period of duration

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(1) A corporation shall be dissolved upon and by reason of the expiration of its period of duration, if any, stated in its articles of incorporation. (2) A provision in the articles of incorporation to the effect that the corporation or its existence shall be terminated at a stat…

Colo. Rev. Stat. § 7-114-103 Articles of dissolution

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(1) At any time after dissolution is authorized, the corporation may dissolve by delivering to the secretary of state, for filing pursuant to part 3 of article 90 of this title, articles of dissolution stating: (a) The domestic entity name of the corporation; (b) The principal of…

Colo. Rev. Stat. § 7-114-105 Effect of dissolution

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(1) A dissolved corporation continues its corporate existence but may not carry on any business except as is appropriate to wind up and liquidate its business and affairs, including: (a) Collecting its assets; (b) Disposing of its properties that will not be distributed in kind t…

Colo. Rev. Stat. § 7-114-301 Grounds for judicial dissolution

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(1) A corporation may be dissolved in a proceeding by the attorney general if it is established that: (a) The corporation obtained its articles of incorporation through fraud; or (b) The corporation has continued to exceed or abuse the authority conferred upon it by law. (2) A co…

Colo. Rev. Stat. § 7-114-302 Procedure for judicial dissolution

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(1) (a) A proceeding by the attorney general to dissolve a corporation must be brought: (I) In the district court for the county in this state in which the street address of the corporation's principal office or the street address of its registered agent is located; (II) If the c…

Colo. Rev. Stat. § 7-114-303 Receivership or custodianship

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(1) Unless an election to purchase has been filed under section 7-114-305, a court in a judicial proceeding to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the corporation. The …

Colo. Rev. Stat. § 7-114-304 Decree of dissolution

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(1) If after a hearing the court determines that one or more grounds for judicial dissolution described in section 7-114-301 exist, it may enter a decree dissolving the corporation and stating the effective date of the dissolution, and the clerk of the court shall deliver a certi…

Colo. Rev. Stat. § 7-114-305 Election to purchase in lieu of dissolution

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(1) In a proceeding under section 7-114-301 (2) to dissolve a corporation, unless otherwise provided in the articles of incorporation or bylaws of the corporation, the corporation may elect or, if it fails to elect, one or more shareholders may elect, to purchase all shares owned…

Colo. Rev. Stat. § 7-114-401 Deposit with state treasurer

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Assets of a dissolved corporation that should be transferred to a creditor, claimant, or shareholder of the corporation who cannot be found or who is not legally competent to receive them shall be reduced to cash and deposited with the state treasurer as property presumed to be a…

Colo. Rev. Stat. § 7-115-101 Authority to transact business or conduct activities required

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Part 8 of article 90 of this title, providing for the transaction of business or the conduct of activities by foreign entities, applies to foreign corporations. Source: L. 2003: Entire article R&RE, p. 2330, § 272, effective July 1, 2004.

Colo. Rev. Stat. § 7-116-101 Corporate records

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(1) A corporation shall keep as permanent records minutes of all meetings of its shareholders and board of directors, a record of all actions taken by the shareholders or board of directors without a meeting, a record of all actions taken by a committee of the board of directors …

Colo. Rev. Stat. § 7-116-102 Inspection of corporate records by shareholder - definitions

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(1) A shareholder is entitled to inspect and copy, during regular business hours at the corporation's principal office, any of the records of the corporation described in section 7-116-101 (5) if the shareholder gives the corporation written demand at least five business days bef…

Colo. Rev. Stat. § 7-116-103 Scope of shareholder's inspection right

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(1) A shareholder's agent or attorney has the same inspection and copying rights as the shareholder. (2) The right to copy records under section 7-116-102 includes, if reasonable, the right to receive copies made by photographic, xerographic, or other means. (3) Except as provide…

Colo. Rev. Stat. § 7-116-104 Court-ordered inspection of corporate records

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(1) If a corporation refuses to allow a shareholder, or the shareholder's agent or attorney, who complies with section 7-116-102 (1) to inspect or copy any records that the shareholder is entitled to inspect or copy by said section, the district court for the county in this state…

Colo. Rev. Stat. § 7-116-105 Financial statements

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Upon the written request of any shareholder, a corporation shall deliver to the shareholder its most recent annual financial statements, if any, and its most recently published financial statements, if any, showing in reasonable detail its assets and liabilities and results of it…

Colo. Rev. Stat. § 7-116-106 Information respecting shares

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Upon the written request of any shareholder, a corporation shall deliver to the shareholder, at the corporation's expense, the information specified by section 7-106-206 (4), whether or not the information is also contained or summarized on any share certificate of the shareholde…

Colo. Rev. Stat. § 7-116-107 Periodic report to secretary of state

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Part 5 of article 90 of this title, providing for periodic reports from reporting entities, applies to domestic corporations and applies to foreign corporations that are authorized to transact business or conduct activities in this state. Source: L. 93: Entire article added, p. 8…

Colo. Rev. Stat. § 7-117-100.3 Definitions

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As used in this article 117, unless the context otherwise requires: (1) "Existing corporation" means any domestic corporation that was in existence on June 30, 1994, and that was incorporated under any general statute of this state providing for incorporation of corporations for …

Colo. Rev. Stat. § 7-117-101 Application to existing corporations

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(1) Repealed. (2) Articles 101 to 117 of this title apply to all existing corporations. (3) Except to the extent the articles of incorporation of an existing corporation limit or deny preemptive rights, shareholders of such corporation shall have a preemptive right to acquire uni…

Colo. Rev. Stat. § 7-117-102 Application to foreign corporations

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A foreign corporation authorized to transact business or conduct activities in this state on June 30, 1994, is subject to articles 101 to 117 of this title but is not required to obtain new authorization to transact business or conduct activities under said articles. Source: L. 9…

Colo. Rev. Stat. § 7-117-103 Saving provisions

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(1) Except as provided in subsection (2) of this section, the repeal of any provision of the "Colorado Corporation Code", articles 1 to 10 of this title, does not affect: (a) The operation of the statute, or any action taken under it, before its repeal; (b) Any ratification, righ…

Colo. Rev. Stat. § 7-117-104 Severability

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If any provision of articles 101 to 117 of this title or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the invalidity does not affect other provisions or applications of said articles that can be given effect without the inval…

Colo. Rev. Stat. § 7-117-105 Effective date

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Articles 101 to 117 of this title are effective July 1, 1994. Source: L. 93: Entire article added, p. 853, § 1, effective July 1, 1994. Nonprofit Corporations

Colo. Rev. Stat. § 7-121-101 Short title

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Articles 121 to 137 of this title shall be known and may be cited as the "Colorado Revised Nonprofit Corporation Act". Source: L. 97: Entire article added, p. 646, § 3, effective July 1, 1998. ANNOTATION Annotator's note. Since § 7-121-101 is similar to § 7-20-101 as it existed p…

Colo. Rev. Stat. § 7-121-102 Reservation of power to amend or repeal

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The general assembly has the power to amend or repeal all or part of articles 121 to 137 of this title at any time and all domestic and foreign nonprofit corporations subject to said articles shall be governed by the amendment or repeal. Source: L. 97: Entire article added, p. 64…

Colo. Rev. Stat. § 7-121-201 Filing requirements

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Part 3 of article 90 of this title, providing for the filing of documents, applies to any document filed or to be filed by the secretary of state pursuant to articles 121 to 137 of this title. Source: L. 2003: Entire part R&RE, p. 2332, § 279, effective July 1, 2004.

Colo. Rev. Stat. § 7-121-401 General definitions

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As used in articles 121 to 137 of this title 7, unless the context otherwise requires: (1) (Deleted by amendment, L. 2003, p. 2332, § 280, effective July 1, 2004.) (2) "Articles of incorporation" includes amended articles of incorporation, restated articles of incorporation, and …

Colo. Rev. Stat. § 7-121-402 Notice

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(1) Notice given pursuant to articles 121 to 137 of this title shall be in writing unless otherwise provided in the bylaws. (2) Notice may be given in person; by telephone, telegraph, teletype, electronically transmitted, or other form of wire or wireless communication; or by mai…

Colo. Rev. Stat. § 7-121-501 Private foundations

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(1) Except where otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in section 509 (a) of the internal revenue code: (a) Shall distribute such amounts for each taxable year at such time and in such manner as …

Colo. Rev. Stat. § 7-121-601 Judicial relief

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(1) If for any reason it is impractical or impossible for any nonprofit corporation to call or conduct a meeting of its members, delegates, or directors, or otherwise obtain their consent, in the manner prescribed by articles 121 to 137 of this title, its articles of incorporatio…

Colo. Rev. Stat. § 7-122-101 Incorporators

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One or more persons may act as the incorporator or incorporators of a nonprofit corporation by delivering articles of incorporation to the secretary of state for filing pursuant to part 3 of article 90 of this title. An incorporator who is an individual shall be eighteen years of…

Colo. Rev. Stat. § 7-122-102 Articles of incorporation

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(1) The articles of incorporation shall state: (a) The domestic entity name for the nonprofit corporation, which domestic entity name shall comply with part 6 of article 90 of this title; (b) The registered agent name and registered agent address of the nonprofit corporation's in…

Colo. Rev. Stat. § 7-122-103 Incorporation

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(1) A nonprofit corporation is incorporated when the articles of incorporation are filed by the secretary of state or, if a delayed effective date is stated pursuant to section 7-90-304 in the articles of incorporation as filed by the secretary of state and if a statement of chan…

Colo. Rev. Stat. § 7-122-104 Unauthorized assumption of corporate powers

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All persons purporting to act as or on behalf of a nonprofit corporation without authority to do so and without good-faith belief that they have such authority shall be jointly and severally liable for all liabilities incurred or arising as a result thereof. Source: L. 97: Entire…

Colo. Rev. Stat. § 7-122-105 Organization of nonprofit corporation

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(1) After incorporation: (a) If initial directors are not named in the articles of incorporation, the incorporators shall hold a meeting, at the call of a majority of the incorporators, to adopt initial bylaws, if desired, and to elect a board of directors; and (b) If initial dir…

Colo. Rev. Stat. § 7-122-106 Bylaws

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(1) The board of directors or, if no directors have been named or elected, the incorporators may adopt initial bylaws. If neither the incorporators nor the board of directors have adopted initial bylaws, the members may do so. (2) The bylaws of a nonprofit corporation may contain…

Colo. Rev. Stat. § 7-122-107 Emergency bylaws

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(1) Unless otherwise provided in the articles of incorporation, the board of directors may adopt bylaws to be effective only in an emergency as defined in subsection (4) of this section. The emergency bylaws, which are subject to amendment or repeal by the members, may include al…

Colo. Rev. Stat. § 7-123-101 Purposes and applicability

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(1) Every nonprofit corporation incorporated under articles 121 to 137 of this title has the purpose of engaging in any lawful business or activity unless a more limited purpose is stated in the articles of incorporation. (2) Where another statute of this state requires that corp…

Colo. Rev. Stat. § 7-123-102 General powers

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(1) Unless otherwise provided in the articles of incorporation, every nonprofit corporation has perpetual duration and succession in its domestic entity name and has the same powers as an individual to do all things necessary or convenient to carry out its affairs, including the …

Colo. Rev. Stat. § 7-123-103 Emergency powers

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(1) In anticipation of or during an emergency defined in subsection (4) of this section, the board of directors may: (a) Modify lines of succession to accommodate the incapacity of any director, officer, employee, or agent; and (b) Relocate the principal office or designate addit…

Colo. Rev. Stat. § 7-123-104 Ultra vires

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(1) Except as provided in subsection (2) of this section, the validity of corporate action may not be challenged on the ground that the nonprofit corporation lacks or lacked power to act. (2) A nonprofit corporation's power to act may be challenged: (a) In a proceeding against th…