§ 11-41-111 — Renewal of corporate life

(1) Any association incorporated under
any law prior to June 8, 1933, may extend its corporate life upon the affirmative
vote of at least a majority of its directors at a special meeting of the board of
directors called for that purpose, setting out the purpose of said meeting, and
ratified by the written consent of persons holding in the aggregate more than two-thirds in book value of the outstanding stock and shares in such association.

(2) The president or vice-president and the secretary or assistant secretary
of said association shall certify the fact, under the seal of said association, and
shall make as many certificates as may be necessary so as to file one in the office
of the county clerk and recorder in each county wherein the association may do
business, one in the office of the secretary of state, and one in the office of the
commissioner, and thereupon the corporate life of said association shall be
renewed in perpetuity, or for the term mentioned in the certificate, upon filing such
certificate in the office of the secretary of state. All stockholders or shareholders
have the same rights in the new association, so extended, as they had in the
association as originally formed.

(3) The extension of the term of existence of any such association in the
manner provided shall not be so construed as enlarging any of the powers,
privileges, or franchises theretofore enjoyed by such association. Upon the proper
filing of any certificate of extension mentioned in articles 40 to 46 of this title, the
corporate existence shall be considered as extended and continuous for the period
specified in such certificate from the date of the previous expiration of such
corporate existence, and said association shall be considered as then having had a
continuous corporate existence to the time of the filing of such certificate of
renewal.

Legislative History

Source: L. 33: p. 295, � 10. CSA: C. 25, � 13. CRS 53: � 122-2-11. C.R.S. 1963: � 122-2-11.