§ 7-48-109 — Capital stock - stockholders and members

(1) Each share of
stock of a corporation shall have a par value of one hundred dollars and shall be
issued for cash. No preferred stock shall be issued. At least one hundred thousand
dollars shall be paid into the treasury for capital stock before the corporation shall
be authorized to transact any business other than that which relates to its
organization.

(2) Each stockholder shall be entitled to one vote, in person or by proxy, for
each share of capital stock held, and each member shall be entitled to one vote, in
person or by proxy, for each one thousand dollars of the authorized loan limit of
such member as determined under section 7-48-108 (2).

(3) The rights given by the Colorado Business Corporation Act, articles 101
to 117 of this title, to stockholders to attend meetings and to receive notice thereof
and exercise voting rights shall apply to members as well as to stockholders of a
corporation created under this article. The voting rights of the members shall be the
same as if they were a separate class of stockholders, and stockholders and
members shall in all cases vote separately by classes. A quorum at a meeting shall
require the presence in person or by proxy of a majority of the holders of the voting
rights of each class.

Legislative History

Source: L. 65: p. 451, � 1. C.R.S. 1963: � 31-23-9. L. 2003: (3) amended, p. 2210, � 33, effective July 1, 2004.