Colorado § 11-42-108 Assessment to restore impaired permanent stock

Colorado Statutes

§ 11-42-108 — Assessment to restore impaired permanent stock

Colorado § 11-42-108

Title 11Financial

Art.Shares and Stock

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Bluebook

Colo. Rev. Stat. § 11-42-108 (2026).

Text

(1)Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock issued on or after July 1, 1981, except as provided by this section. If the commissioner, as a result of any examination or from any report made to the commissioner, finds that the permanent stock of an association is impaired, the commissioner shall notify the association that the impairment exists. In the event the amount of the impairment, as determined by the commissioner, is questioned by the association, then, upon application filed within ten days, the value of the assets in question shall be determined by appraisals made by independent appraisers acceptable to the commissioner and the association.

(2)If the bylaws of an association expressly give the

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(1)
Stockholders, after their stock has been fully paid, are not liable to creditors or for
assessments upon their stock issued on or after July 1, 1981, except as provided by
this section. If the commissioner, as a result of any examination or from any report
made to the commissioner, finds that the permanent stock of an association is
impaired, the commissioner shall notify the association that the impairment exists.
In the event the amount of the impairment, as determined by the commissioner, is
questioned by the association, then, upon application filed within ten days, the
value of the assets in question shall be determined by appraisals made by
independent appraisers acceptable to the commissioner and the association.

(2) If the bylaws of an association expressly give the directors the authority
to levy an assessment on permanent stock, then, subject to any limitations
contained in the bylaws, the directors may levy and collect assessments upon
permanent stock. The directors of an association which has received such notice
may levy a pro rata assessment upon the permanent stock thereof to make good
such impairment and shall cause notice of the finding of the commissioner and such
levy to be given in writing to each stockholder of such association and the amount
of assessment which the stockholder must pay for the purpose of making good
such impairment; but, in lieu of making such assessment, the impairment may be
made good, without the consent of the commissioner, by the reduction of the
permanent stock in the manner provided in section 11-42-107.

Legislative History

Source: L. 33: p. 317, � 1. CSA: C. 25, � 25. L. 43: p. 204, � 5. L. 51: p. 212, � 2. CRS 53: � 122-3-8. C.R.S. 1963: � 122-3-8. L. 81: Entire section amended, p. 623, � 3, effective May 18. L. 2024: (1) amended, (HB 24-1381), ch. 350, p. 2377, � 36, effective August 7.