Colorado Statutes
§ 11-42-110 — Forfeiture of delinquent stock
(1)If no bid or offer is received
equal to or more than the amount of such assessment and the expense of sale, such
stock shall be declared forfeited to the association and accepted in full satisfaction
of such assessment, and such stock shall not be reissued except in accordance with
a permit thereafter obtained from the commissioner pursuant to section 11-42-112.
(2)The proceeds from any assessment, less the cost of any sales and any
forfeiture of delinquent stock, shall be credited to the contingent reserve account.
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Legislative History
Source: L. 33: p. 317, � 1. CSA: C. 25, � 25. L. 43: p. 204, � 5. L. 51: p. 212, � 2. CRS 53: � 122-3-10. C.R.S. 1963: � 122-3-10.
Nearby Sections
15
§ 11-10.5-101
Short title§ 11-10.5-102
Legislative declaration§ 11-10.5-103
Definitions§ 11-10.5-104
Applicability of article§ 11-10.5-105
Authority of banking board§ 11-10.5-107
Eligible collateral - uninsured public deposits§ 11-10.5-109
Verification of collateral held - reports required§ 11-10.5-110
Procedures when event of default occurs§ 11-10.5-112
Annual fees and assessments§ 11-101-101
Short title§ 11-101-102
Declaration of policy§ 11-101-201
Effect on existing banks§ 11-101-301
Application of code§ 11-101-302
No private right of action