§ 7-58-106 — Powers

Colorado § 7-58-106

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

Text

(1) Unless otherwise provided in the articles, every
limited cooperative association has perpetual duration and succession in its
domestic entity name and has the powers to do all things necessary or convenient
to carry out its business and affairs, including without limitation:

(a) To sue and be sued, complain, and defend in its entity name, and to
maintain an action against a member for harm caused to the association by the
member's violation of a duty to the association or of this article or the articles or
bylaws;

(b) To have a seal, which may be altered at will, and to use the seal, or a
facsimile thereof, including a rubber stamp, by impressing or affixing it or by
reproducing it in any other manner;

(c) To amend its articles and make and amend bylaws;

(d) To purchase, receive, lease, and otherwise acquire, and to own, hold,
improve, use, and otherwise deal with, real or personal property or any legal or
equitable interest in property, wherever located;

(e) To sell, convey, mortgage, pledge, lease, exchange, and otherwise
dispose of all or any part of its property;

(f) To purchase, receive, subscribe for, and otherwise acquire shares and
other interests in, and obligations of, any other entity; and to own, hold, vote, use,
sell, mortgage, lend, pledge, and otherwise dispose of, and deal in and with, the
same;

(g) To make contracts and guarantees; incur liabilities; borrow money; issue
notes, bonds, and other obligations, which may be convertible into or include the
option to purchase other interests or securities of the association; and secure any of
its obligations by mortgage or pledge of any of its property, franchises, or income;

(h) To lend money, invest and reinvest its funds, and receive and hold real
and personal property as security for repayment;

(i) To be an agent, an associate, a fiduciary, a manager, a member, a partner,
an equity owner, a promoter, or a trustee of, or to hold any similar position with, any
entity;

(j) To conduct its business and activities, locate offices, and exercise the
powers granted by this article within or without this state;

(k) To elect and appoint directors, officers, employees, and agents of the
association, define their duties, fix their compensation, and lend them money and
credit;

(l) To pay pensions and establish pension plans, pension trusts, profit-sharing plans, share bonus plans, share options and rights plans, and benefit or
incentive plans for any of its current or former directors, officers, employees, and
agents;

(m) To make donations for the public welfare or for charitable, scientific, or
educational purposes;

(n) To make payments or donations and to do any other act, not inconsistent
with law, that furthers the business and affairs of the association;

(o) To establish conditions for admission of members, admit members, and
issue or transfer memberships;

(p) To impose dues, assessments, and admission and transfer fees upon its
members;

(q) To impose restrictions on the transfer of its membership interests or
other interests in the association;

(r) To carry on its business and affairs;

(s) To indemnify current or former directors, officers, employees, fiduciaries,
or agents as provided in part 9 of this article;

(t) To limit the liability of its directors as provided in section 7-58-818; and

(u) To cease its activities and dissolve.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 764, � 1, effective April 2, 2012.