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

Colorado Statutes

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

Colorado·Title 07 Corporations·Art. Cooperatives

(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.

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(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.

Colorado § 7-56-609 (Sale or other disposition of property without member approval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.