§ 7-123-101 — Purposes and applicability

Colorado § 7-123-101

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Purposes and Powers

Text

(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 corporations of a
particular class be formed or incorporated exclusively under that statute,
corporations of that class shall be formed or incorporated under such other statute.
The corporation shall be subject to all limitations of the other statute.

(3) Where another statute of this state requires nonprofit corporations of a
particular class to be formed or incorporated under that statute and also under
general nonprofit corporation statutes, such nonprofit corporations shall be formed
or incorporated under such other statute and, in addition thereto, under articles 121
to 137 of this title to the extent general nonprofit corporation law is applicable.

(4) Where another statute of this state permits nonprofit corporations of a
particular class to be formed or incorporated either under that statute or under the
general nonprofit corporation statutes, a nonprofit corporation of that class may at
the election of its incorporators be formed or incorporated under articles 121 to 137
of this title. Unless the articles of incorporation of a nonprofit corporation indicate
that it is formed or incorporated under another statute, the nonprofit corporation
shall for all purposes be considered as formed and incorporated under articles 121
to 137 of this title.

(5) Articles 121 to 137 of this title shall apply to nonprofit corporations of
every class, whether or not included in the term nonprofit corporation as defined
in section 7-121-401 (26), 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.

(6) Articles 121 to 137 of this title shall apply to any nonprofit corporation
formed prior to January 1, 1968, under article 40 or 50 of this title without shares or
capital stock and for a purpose for which a nonprofit corporation might be formed
under articles 121 to 137 of this title and that elects to accept said articles as
provided therein.

(7) Articles 121 to 137 of this title shall apply to any corporation having
shares or capital stock and formed under article 40, 50, or 51 of this title, and each
nonprofit corporation whether with or without shares or capital stock formed prior
to January 1, 1968, under general law or created by special act of the general
assembly for a purpose for which a nonprofit corporation may be formed under
articles 121 to 137 of this title, but not otherwise entitled to the rights, privileges,
immunities, and franchises provided by said articles that elects to accept said
articles as provided therein.

(8) A mutual ditch company may elect by a statement in its articles of
incorporation that one or more of the provisions of the Colorado Business
Corporation Act, articles 101 to 117 of this title, apply to the mutual ditch company
in lieu of one or more of the provisions of articles 121 to 137 of this title.

Legislative History

Source: L. 97: Entire article added, p. 663, � 3, effective July 1, 1998. L. 2003: Entire section amended, p. 2336, � 285, effective July 1, 2004. L. 2006: (8) added, p. 882, � 80, effective July 1. L. 2007: (8) amended, p. 249, � 50, effective May 29.