Colorado § 7-103-101 Purposes and applicability

Colorado Statutes

§ 7-103-101 — Purposes and applicability

Colorado·Title 07 Corporations·Art. Purposes and Powers

(1)Every corporation incorporated under articles 101 to 117 of this title has the purpose of engaging in any lawful business unless a more limited purpose is stated in the articles of incorporation.

(2)Where another statute of this state requires that corporations of a particular class shall be formed or incorporated exclusively thereunder, corporations of that class shall be formed or incorporated under such other statute.

(3)Where another statute of this state requires corporations of a particular class to be formed or incorporated under that other statute and also under general corporation law, such corporations shall be formed or incorporated under such other law and, in addition thereto, under articles 101 to 117 of this title to the extent general corporation law is appl

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(1) Every corporation incorporated
under articles 101 to 117 of this title has the purpose of engaging in any lawful
business unless a more limited purpose is stated in the articles of incorporation.

(2) Where another statute of this state requires that corporations of a
particular class shall be formed or incorporated exclusively thereunder,
corporations of that class shall be formed or incorporated under such other statute.

(3) Where another statute of this state requires corporations of a particular
class to be formed or incorporated under that other statute and also under general
corporation law, such corporations shall be formed or incorporated under such
other law and, in addition thereto, under articles 101 to 117 of this title to the extent
general corporation law is applicable.

(4) Where another statute of this state permits corporations of a particular
class to be formed or incorporated either under such statute or under the general
corporation law, a corporation of that class may at the election of its incorporators
be formed or incorporated under articles 101 to 117 of this title. Unless the articles
of incorporation of such corporation indicate that it is formed or incorporated under
such other alternate statute, the corporation shall for all purposes be considered as
formed and incorporated under articles 101 to 117 of this title.

(5) Articles 101 to 117 of this title shall apply to corporations of every class,
whether or not included in the term corporation as defined in section 7-101-401
(11), that are formed or incorporated under and governed by other statutes of this
state, to the extent that said articles are not inconsistent with such other statutes.
Notwithstanding the foregoing, except as permitted by section 7-123-101 (8),
articles 101 to 117 of this title shall not apply to nonprofit corporations:

(a) Formed under articles 121 to 137 of this title;

(b) Governed by articles 121 to 137 of this title pursuant to section 7-137-101
(2); or

(c) Governed by articles 121 to 137 of this title by reason of an election
pursuant to section 7-137-201.

Colorado § 7-103-101 (Purposes and applicability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 93: Entire article added, p. 745, � 1, effective July 1, 1994. L. 96: (5) amended, p. 1312, � 9, effective June 1. L. 97: (5) amended, p. 761, � 26, effective July 1, 1998. L. 2003: Entire section amended, p. 2314, � 222, effective July 1, 2004. L. 2006: (5) amended, p. 879, � 69, effective July 1.