§ 11-41-104 — Articles of incorporation

Colorado § 11-41-104

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Organization and Powers

Text

(1) Any five or more persons who are
citizens of this state and who may desire to form a corporation for the purpose of
carrying on the business of a savings and loan association shall make, sign, and
acknowledge, in triplicate, before some officer competent to take the
acknowledgment of deeds, a certificate in writing, known as the articles of
incorporation, in which shall be stated:

(a) The name of said association, which shall not be identical with that of any
other association in this state nor which so resembles the name of any other
association as to be likely to lead to confusion as to its identity;

(b) The objects for which the association is formed;

(c) The name of the city or town and county in this state wherein the
principal office of the association is to be located;

(d) In the event it is a permanent stock company, the number of shares of
permanent stock authorized and the number of shares of permanent stock
subscribed for and the amount of cash actually paid in thereon;

(e) The names of the incorporators, their respective occupations and
residence addresses, and a statement of the number of shares or amount of stock
subscribed by each and the amount of cash paid upon the shares or stock of each;

(f) The kind or classes of shares or stock the association proposes to issue
and a statement of all or any of the designations and the powers, rights,
qualifications, limitations, or restrictions in respect of any classes of stock or shares
of the association;

(g) That the association shall have perpetual existence;

(h) Whether or not cumulative voting shall be allowed in the election of
directors;

(i) That, if such is the case, the association is created for the purpose of
carrying on part or all of its business beyond the limits of this state;

(j) The number of directors and the names and residences of the directors
who shall serve for the first year of its existence and until their successors are
elected and qualified;

(k) A statement as to whether the association is organized to issue and sell
its shares and otherwise operate as a share association or to accept savings
deposits and operate as a deposit association, as provided by the provisions of
articles 40 to 46 of this title.

(2) The certificate may also contain any other provisions which the
incorporators may see fit to insert for the regulation and conduct of the affairs of
the association, the directors, shareholders, and stockholders, or any class of
shareholders or stockholders, but such provisions shall not conflict with the
provisions of articles 40 to 46 of this title or the laws of the state of Colorado.

(3) The provisions of this section shall be the exclusive authority for the
incorporation of a domestic association, and nothing in either section 11-41-121 (1.5)
or 11-41-133 (6) shall be construed or interpreted to authorize the organization of a
domestic association by a foreign association by incorporation of a charter de novo.

Legislative History

Source: L. 33: p. 288, � 3. CSA: C. 25, � 6. CRS 53: � 122-2-4. C.R.S. 1963: � 122-2-4. L. 69: p. 1014, � 4. L. 88: (3) added, p. 457, � 1, effective July 1.