§ 11-41-107 — Documents deposited with commissioner

Colorado § 11-41-107

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

Text

(1) Every domestic
savings and loan association proposing to incorporate in this state shall first
deposit with the commissioner the following documents:

(a) Two signed and verified copies of the articles of incorporation of the
association;

(b) Two copies of the bylaws of the association;

(c) Applications signed and verified by a majority of the initial directors of
such association, setting forth: Names and addresses of the proposed
incorporators, directors, and officers of such association; a statement of the
experience and general fitness of the officers and directors to engage in the
savings and loan business; an itemized statement of the estimated receipts and
expenditures of such association for the first year showing that such association
will have a reasonable chance to succeed in the territory in which it proposes to
operate; and such other matters as the commissioner may require. Such application
shall be accompanied by a fee in the form of a certified check in the amount
established by the commissioner, payable to the division of financial services.

(2) Upon receipt of the documents described in subsection (1) of this section,
the commissioner shall immediately examine and investigate the advisability of
issuing a certificate of approval for the association, and the commissioner shall
issue a certificate of approval if, upon examination, the commissioner finds:

(a) That the articles of incorporation comply with all the provisions of articles
40 to 46 of this title;

(b) That the bylaws comply with the provisions of articles 40 to 46 of this
title;

(c) That the provisions of articles 40 to 46 of this title have been complied
with;

(d) That it is expedient and desirable to permit such association to engage in
business;

(e) That the officers and directors have the experience and general fitness to
engage in a savings and loan business;

(f) That the financial program of the association is sound;

(g) That the association has a probable chance to succeed;

(h) That its name is not so similar to that of any other association operating in
this state as to mislead the public; but the words the, and, mutual,
permanent, and savings and loan association shall not themselves constitute
such similarity of names as to be likely to mislead the public.

(3) If the commissioner finds that the association does not meet any of the
requirements of subsection (2) of this section, the commissioner shall not issue a
certificate of approval.

Legislative History

Source: L. 33: p. 291, � 6. CSA: C. 25, � 9. L. 39: p. 238, � 7. CRS 53: � 122-2-7. C.R.S. 1963: � 122-2-7. L. 83: (1)(c) amended, p. 493, � 1, effective July 1. L. 84: (1)(c) amended, p. 377, � 2, effective May 11. L. 89: (1)(c) amended, p. 620, � 13, effective July 1. L. 2024: IP(2) and (3) amended, (HB 24-1381), ch. 350, p. 2368, � 19, effective August 7.