Colorado § 11-42-115 Power to issue shares to minors or in trust

Colorado Statutes

§ 11-42-115 — Power to issue shares to minors or in trust

Colorado·Title 11 Financial·Art. Shares and Stock

(1)An association may issue stock or shares to a minor of any age and receive payments on the stock or shares from, by, or for the minor. A minor may withdraw, transfer, or pledge any shares owned by the minor and receive from the association any dividends or other money that becomes due on the shares in the same manner and subject to the same conditions as an adult, and the minor's receipt or acquittance of such money constitutes a valid release and discharge to the association for the payment of the money. The dealing of an association with a minor has the same effect upon the association's liability as if the minor were of full legal capacity unless the minor's guardian or conservator files with the association a certified copy of the order of a Colorado court having jurisdic

Free access — add to your briefcase to read the full text and ask questions with AI

(1) An association
may issue stock or shares to a minor of any age and receive payments on the stock
or shares from, by, or for the minor. A minor may withdraw, transfer, or pledge any
shares owned by the minor and receive from the association any dividends or other
money that becomes due on the shares in the same manner and subject to the same
conditions as an adult, and the minor's receipt or acquittance of such money
constitutes a valid release and discharge to the association for the payment of the
money. The dealing of an association with a minor has the same effect upon the
association's liability as if the minor were of full legal capacity unless the minor's
guardian or conservator files with the association a certified copy of the order of a
Colorado court having jurisdiction appointing the guardian or conservator and
directing otherwise.

(2) Subject to such regulations as the board of directors of the association
may prescribe, an association may contract with the proper authorities of any public
or nonpublic elementary or secondary school or any public or charitable institution
caring for minors for the participation by the association in any school or
institutional thrift or savings plan.

(3) Every association has power to issue stock or shares to any person on a
revocable trust for another person, who is either named in writing as beneficiary
thereof or who is unnamed. At any time during the lifetime of the trustee, the stock
or shares, together with dividends, if any, shall be withdrawn only by the trustee. On
the death of the trustee, the stock or shares, together with dividends, if any, shall
be paid to the person for whom the stock or shares were issued as designated
beneficiary, even though the beneficiary is not of full legal capacity, and, if there is
no designated beneficiary living at that time, then to the personal representative of
the trustee.

(4) The foregoing authorization shall not be construed as providing an
exclusive method for a trustee to invest in stock or shares of an association.
Nothing contained in this section shall be construed as limiting or repealing either
section 28-5-214 or 28-5-301, C.R.S., with respect to investment of funds by
guardians and conservators of minor and incompetent beneficiaries of the veterans
administration, heretofore or hereafter appointed, or part 3 of article 1 of title 15,
C.R.S., with respect to investments by fiduciaries.

Colorado § 11-42-115 (Power to issue shares to minors or in trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 33: p. 351, � 1. CSA: C. 25, � 69. CRS 53: � 122-3-15. L. 57: p. 652, � 1. C.R.S. 1963: � 122-3-15. L. 79: (1) amended, p. 647, � 3, effective July 1. L. 2002: (3) amended, p. 1359, � 7, effective July 1. L. 2024: (1) amended, (HB 24-1381), ch. 350, p. 2378, � 39, effective August 7.