Colorado § 7-108-109 Removal of directors by judicial proceeding

Colorado Statutes

§ 7-108-109 — Removal of directors by judicial proceeding

Colorado·Title 07 Corporations·Art. Directors and Officers

(1)A director may be removed by the district court for the county in this state in which the street address of the corporation's principal office is located or, if the corporation has no principal office in this state, by the district court for the county in which the street address of its registered agent is located or, if the corporation has no registered agent, by the district court for the city and county of Denver, in a proceeding commenced either by the corporation or by shareholders holding at least ten percent of the outstanding shares of any class, if the court finds that the director engaged in fraudulent or dishonest conduct or gross abuse of authority or discretion with respect to the corporation and that removal is in the best interests of the corporation.

(2)The

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(1) A director may
be removed by the district court for the county in this state in which the street
address of the corporation's principal office is located or, if the corporation has no
principal office in this state, by the district court for the county in which the street
address of its registered agent is located or, if the corporation has no registered
agent, by the district court for the city and county of Denver, in a proceeding
commenced either by the corporation or by shareholders holding at least ten
percent of the outstanding shares of any class, if the court finds that the director
engaged in fraudulent or dishonest conduct or gross abuse of authority or
discretion with respect to the corporation and that removal is in the best interests
of the corporation.

(2) The court that removes a director may bar the director from reelection for
a period prescribed by the court.

(3) If shareholders commence a proceeding under subsection (1) of this
section, they shall make the corporation a party defendant.

(4) Repealed.

Colorado § 7-108-109 (Removal of directors by judicial proceeding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 93: Entire article added, p. 780, � 1, effective July 1, 1994. L. 96: (1) amended, p. 1318, � 21, effective June 1. L. 2000: (4) amended, p. 978, � 58, effective July 1. L. 2002: (4) amended, p. 1848, � 113, effective July 1; (4) amended, p. 1713, � 113, effective October 1. L. 2003: (1) amended, p. 2319, � 242, effective July 1, 2004. L. 2004: (4) repealed, p. 1498, � 255, effective July 1.