Colorado § 7-42-105 Right to purchase own stock

Colorado Statutes

§ 7-42-105 — Right to purchase own stock

Colorado·Title 07 Corporations·Art. Ditch and Reservoir Companies

(1)It is lawful for any corporation owning any ditch or canal for conveying or reservoir for storing water for irrigation purposes for its stockholders to purchase and acquire any of its outstanding capital stock, but no purchase of or payment for its own shares shall be made at a time when the purchase or payment would make it insolvent.

(2)Any sale, exchange, lease, or other disposition of any part or all of the business, assets, property, or franchise of any such corporation to any conservancy district, irrigation district, or to the United States or any agency of the United States shall be deemed to be in the usual course of the corporation's business.

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(1) It is lawful for any corporation
owning any ditch or canal for conveying or reservoir for storing water for irrigation
purposes for its stockholders to purchase and acquire any of its outstanding capital
stock, but no purchase of or payment for its own shares shall be made at a time
when the purchase or payment would make it insolvent.

(2) Any sale, exchange, lease, or other disposition of any part or all of the
business, assets, property, or franchise of any such corporation to any conservancy
district, irrigation district, or to the United States or any agency of the United
States shall be deemed to be in the usual course of the corporation's business.

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