§ 7-56-609 — Sale or other disposition of property without member approval

Colorado § 7-56-609

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Cooperatives

Text

(1) A cooperative may, on the terms and conditions and for the consideration
determined by the board:

(a) Sell, lease, exchange, or otherwise dispose of any of its property in the
usual and regular course of business; except that a sale, lease, exchange, or other
disposition of all, or substantially all, of its property shall never be considered to be
in the usual and regular course of business;

(b) Transfer to itself any or all of the property of a domestic or foreign entity
when all the voting rights of the transferor are owned, directly or indirectly, by the
transferee cooperative.

(2) Unless otherwise provided in the articles or bylaws, approval by the
members of a transaction described in subsection (1) of this section is not required.

Legislative History

Source: L. 96: Entire article R&RE, p. 520, � 1, effective July 1.