Colorado § 11-42-121 Payment of withdrawals

Colorado Statutes

§ 11-42-121 — Payment of withdrawals

Colorado·Title 11 Financial·Art. Shares and Stock

(1)In case the funds of an association applicable to withdrawals are not sufficient to pay off all members desiring to withdraw, such members may be paid off in either one of two methods, dependent upon which method the board of directors of the association may desire to follow, in full in the order in which withdrawal notices are filed or on a pro rata basis, as follows:

(a)In the event an association elects to pay withdrawals in full in the order in which withdrawal notices are filed, all notices of withdrawal shall be filed in writing in order of time in which filed, and shall be kept in numerical order and so numbered, and shall be paid in the order filed as funds are available for that purpose.

(b)As to associations which elect to pay withdrawals on a pro rata basis, all

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(1) In case the funds of an association
applicable to withdrawals are not sufficient to pay off all members desiring to
withdraw, such members may be paid off in either one of two methods, dependent
upon which method the board of directors of the association may desire to follow, in
full in the order in which withdrawal notices are filed or on a pro rata basis, as
follows:

(a) In the event an association elects to pay withdrawals in full in the order in
which withdrawal notices are filed, all notices of withdrawal shall be filed in writing
in order of time in which filed, and shall be kept in numerical order and so
numbered, and shall be paid in the order filed as funds are available for that
purpose.

(b) As to associations which elect to pay withdrawals on a pro rata basis, all
shares or accounts on which notices of withdrawal have been filed during any
period of notice shall receive their pro rata share of the funds available for
withdrawal at the end of such notice period, based upon the withdrawal value of the
shares or account at the time distribution is made.

(c) Repealed.

(2) Notice of withdrawal shall not make such withdrawing member a creditor
of the association.

(3) As to all shares on which a withdrawal notice is on file, the holder thereof
shall be entitled to the same rate of dividends paid like shares not on withdrawal.

(4) In all cases, withdrawals shall be governed by the bylaws of the
association insofar as such bylaws are not in conflict with the provisions of articles
40 to 46 of this title.

Colorado § 11-42-121 (Payment of withdrawals) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 33: p. 321, � 5. CSA: C. 25, � 30. CRS 53: � 122-3-20. C.R.S. 1963: � 122-3-20. L. 83: IP(1), (1)(a), (1)(b), and (2) amended and (1)(c) repealed, pp. 502, 503, �� 5, 7, effective May 23.