§ 7-49-114 — Working capital fund

Colorado § 7-49-114

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Older Housing

Text

(1) The corporation shall, at the time of
incorporation, establish a general fund, referred to in this article as the working
capital fund, and shall pay into such working capital fund any other moneys which
may be available to the corporation for its general purposes from any source.

(2) All moneys held in the working capital fund, including, without limitation,
any cash funds transferred directly to the corporation and any income or interest
earned by or increment to such fund, shall be used by the corporation for its
general purposes, and, to the extent authorized by it, any such moneys in excess of
the amount required to make and keep the corporation self-supporting and to repay
loans from member institutions shall be made available for the purposes of loans or
for the loan insurance fund.

Legislative History

Source: L. 75: Entire article added, p. 269, � 1, effective June 29.