Colorado § 7-49-106 Election of board of directors

Colorado Statutes

§ 7-49-106 — Election of board of directors

Colorado·Title 07 Corporations·Art. Older Housing

(1)The business and affairs of the corporation shall be conducted by a board of directors comprised of:

(a)Four members elected by a vote of the eight participating financial institutions who have made or committed the largest contributions to the loan and insurance funds provided for in sections 7-49-108 and 7-49-109; and

(b)Two members elected by the remaining participating financial institutions; and

(c)Three members, elected under procedures established in the articles of incorporation at the time of incorporation and approved by the governor and state treasurer, representing the general public; and

(d)The executive director of the department of local affairs or the executive director's designee, the chairperson of the banking board, the commissioner of insurance, the

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(1) The business and affairs of the
corporation shall be conducted by a board of directors comprised of:

(a) Four members elected by a vote of the eight participating financial
institutions who have made or committed the largest contributions to the loan and
insurance funds provided for in sections 7-49-108 and 7-49-109; and

(b) Two members elected by the remaining participating financial
institutions; and

(c) Three members, elected under procedures established in the articles of
incorporation at the time of incorporation and approved by the governor and state
treasurer, representing the general public; and

(d) The executive director of the department of local affairs or the executive
director's designee, the chairperson of the banking board, the commissioner of
insurance, the executive director of the Colorado housing and finance authority, and
the state treasurer, who shall serve as ex officio voting members of the board of
directors.

(2) Except for the ex officio members, the terms of office for each member
shall be four years; except that, at the time of incorporation, a majority of the
members of the initial board shall be elected for four-year terms and the remainder
for two-year terms. Any vacancy shall be filled in the same manner as the original
election but shall be for the unexpired term.

Colorado § 7-49-106 (Election of board of directors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 75: Entire article added, p. 266, � 1, effective June 29. L. 87: (1)(d) amended, p. 1196, � 16, effective May 20. L. 88: (1)(d) amended, p. 417, � 8, effective April 11. L. 2004: (1)(d) amended, p. 1404, � 18, effective July 1.