§ 7-58-1002 — Contribution and valuation

Colorado § 7-58-1002

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Uniform Limited Cooperative Association Act

Text

(1) Unless the articles or bylaws
otherwise provide, the contributions of a member to a limited cooperative
association may consist of tangible or intangible property or other benefit to the
association, including money, labor or other services performed or to be performed,
promissory notes, other agreements to contribute money or property, and contracts
to be performed.

(2) The receipt and acceptance of contributions and the valuation of
contributions must be reflected in a limited cooperative association's records.

(3) Unless the articles or bylaws otherwise provide, the board of directors
shall determine the value of a member's contributions received or to be received,
and the determination by the board of directors of valuation is conclusive for
purposes of determining whether the member's contribution obligation has been
met.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 798, � 1, effective April 2, 2012.