Colorado § 7-56-204 Cooperatives desiring to relinquish provisions of this article

Colorado Statutes

§ 7-56-204 — Cooperatives desiring to relinquish provisions of this article

Colorado·Title 07 Corporations·Art. Cooperatives

(1)Any cooperative formed under or that has elected to be subject to this article may relinquish being bound by the provisions of this article by amending its articles in the manner provided in section 7-56-202 (2); except that the amendment shall be approved by a two-thirds majority of all the members present and voting in person or in any other manner authorized by the cooperative pursuant to section 7-56-305

(1)unless a greater vote is required by the articles or bylaws.

(2)The board shall present to the members for approval, as described in subsection (1) of this section, a plan to relinquish the provisions of this article, including:

(a)A statement as to what type of business entity the cooperative is to become after the plan has been adopted;

(b)A statement as to wh

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(1)
Any cooperative formed under or that has elected to be subject to this article may
relinquish being bound by the provisions of this article by amending its articles in
the manner provided in section 7-56-202 (2); except that the amendment shall be
approved by a two-thirds majority of all the members present and voting in person
or in any other manner authorized by the cooperative pursuant to section 7-56-305
(1) unless a greater vote is required by the articles or bylaws.

(2) The board shall present to the members for approval, as described in
subsection (1) of this section, a plan to relinquish the provisions of this article,
including:

(a) A statement as to what type of business entity the cooperative is to
become after the plan has been adopted;

(b) A statement as to what will be the effect on equities of the cooperative
after the plan has been adopted; and

(c) A statement as to the procedures and mechanisms for changing the
cooperative to another type of entity.

(3) Amendments to the articles shall be delivered to the secretary of state
for filing pursuant to part 3 of article 90 of this title.

Colorado § 7-56-204 (Cooperatives desiring to relinquish provisions of this article) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 96: Entire article R&RE, p. 488, � 1, effective July 1. L. 2002: (3) amended, p. 1817, � 21, effective July 1; (3) amended, p. 1681, � 19, effective October 1.