Colorado § 11-103-402 First meetings of stockholders - director's oath - bylaws

Colorado Statutes

§ 11-103-402 — First meetings of stockholders - director's oath - bylaws

Colorado § 11-103-402

Title 11Financial

Art.Organization and

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Bluebook

Colo. Rev. Stat. § 11-103-402 (2026).

Text

(1)After the capital and surplus have been fully paid in cash and before any business is transacted, the incorporators shall call a meeting of the stockholders, on at least ten days' notice, to elect directors and to adopt bylaws, and shall direct the call, on at least five days' notice, of the first meeting of directors for election of officers.

(2)Every director of a state bank shall take and subscribe to an oath before a disinterested notary public that the director will, insofar as the duty devolves upon the director, diligently and honestly administer the affairs of the bank and that the director will not knowingly violate nor willingly permit to be violated any provision of the law.

(3)Bylaws may be adopted and amended by a majority vote at a stockholders' meeting, but

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(1)
After the capital and surplus have been fully paid in cash and before any business is
transacted, the incorporators shall call a meeting of the stockholders, on at least
ten days' notice, to elect directors and to adopt bylaws, and shall direct the call, on
at least five days' notice, of the first meeting of directors for election of officers.

(2) Every director of a state bank shall take and subscribe to an oath before
a disinterested notary public that the director will, insofar as the duty devolves
upon the director, diligently and honestly administer the affairs of the bank and
that the director will not knowingly violate nor willingly permit to be violated any
provision of the law.

(3) Bylaws may be adopted and amended by a majority vote at a
stockholders' meeting, but the bylaws may provide for adoption or amendment by
the board of directors of any provisions other than those relating to the duties, term
of office, remuneration, reimbursement, or indemnification of a director. Copies of
all bylaws and amendments thereto shall be filed with the commissioner.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1088, � 3, effective July 1. L. 2024: (2) amended, (HB 24-1351), ch. 461, p. 3203, � 21, effective August 7.