§ 34-44-106 — Statement - disposition of profits

Colorado § 34-44-106

• Jurisdiction: Colorado
• Title 34: Mineral
• Art.: Tenants in Common of Mines

Text

The working tenant shall
render to the nonworking tenant, at least once in every six months after
commencing said operation and also within thirty days after completing said
operation, a written statement giving a true, full, and fair account of all of the
expenditures and expenses of said work and mining operation, and of the proceeds
of all ore or minerals extracted and sold, and the net profits or losses of the
operation from the beginning of said operation to the date of such statement. If said
operation has been conducted at a net profit the working tenant shall at once pay
to the nonworking tenant his proportionate share of said net profits, and if he fails
to do so, his right to continue such mining operation under the provisions of this
article shall at once cease. In case the address of any nonworking tenant is
unknown, or he has failed to notify the working tenant of a place at which, or an
agent to whom, payment may be made, or if he cannot be conveniently found so
that payment may be made to him of his proportionate share of said net profits, or
in case any nonworking tenant is dead and there is no known executor or
administrator of his estate in the state of Colorado qualified to receive such
statement and payment, the working tenant may deposit said statement and
payment with the state treasurer who shall receive said deposit under the same
obligations and with like effect as other deposits made under the provisions of
section 15-12-914, C.R.S.

Legislative History

Source: L. 23: p. 452, � 4. CSA: C. 92, � 11. CRS 53: � 92-23-4. C.R.S. 1963: � 92-23-4. L. 73: p. 1648, � 11.