§ 7-58-304 — Organization of limited cooperative association

Colorado § 7-58-304

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

Text

(1) After a
limited cooperative association is formed:

(a) If initial directors are named in the articles, the initial directors shall hold
an organizational meeting to adopt initial bylaws and carry on any other business
necessary or proper to complete the organization of the association; or

(b) If initial directors are not named in the articles, the organizers shall
designate the initial directors and call a meeting of the initial directors to adopt
initial bylaws and carry on any other business necessary or proper to complete the
organization of the association.

(2) Unless the articles otherwise provide, the initial directors may cause the
limited cooperative association to accept members, including those necessary for
the association to begin business.

(3) Initial directors need not be members.

(4) An initial director serves until a successor is elected and qualified at a
members meeting or the director is removed, resigns, is adjudged incompetent, or
dies.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 770, � 1, effective April 2, 2012.