§ 38-33.3-306 — Bylaws

Colorado § 38-33.3-306

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Colorado Common Interest Ownership Act

Text

(1) In addition to complying with applicable sections,
if any, of the Colorado Business Corporation Act, articles 101 to 117 of title 7,
C.R.S., or the Colorado Revised Nonprofit Corporation Act, articles 121 to 137 of
title 7, C.R.S., if the common interest community is organized pursuant thereto, the
bylaws of the association must provide:

(a) The number of members of the executive board and the titles of the
officers of the association;

(b) Election by the executive board of a president, a treasurer, a secretary,
and any other officers of the association the bylaws specify;

(c) The qualifications, powers and duties, and terms of office of, and manner
of electing and removing, executive board members and officers and the manner of
filling vacancies;

(d) Which, if any, of its powers the executive board or officers may delegate
to other persons or to a managing agent;

(e) Which of its officers may prepare, execute, certify, and record
amendments to the declaration on behalf of the association; and

(f) A method for amending the bylaws.

(2) Subject to the provisions of the declaration, the bylaws may provide for
any other matters the association deems necessary and appropriate.

(3) (a) If an association with thirty or more units delegates powers of the
executive board or officers relating to collection, deposit, transfer, or disbursement
of association funds to other persons or to a managing agent, the bylaws of the
association shall require the following:

(I) That the other persons or managing agent maintain fidelity insurance
coverage or a bond in an amount not less than fifty thousand dollars or such higher
amount as the executive board may require;

(II) That the other persons or managing agent maintain all funds and
accounts of the association separate from the funds and accounts of other
associations managed by the other persons or managing agent and maintain all
reserve accounts of each association so managed separate from operational
accounts of the association;

(III) That an annual accounting for association funds and a financial
statement be prepared and presented to the association by the managing agent, a
public accountant, or a certified public accountant.

(b) Repealed.

Legislative History

Source: L. 91: Entire article added, p. 1743, � 1, effective July 1, 1992. L. 92: (3) added, p. 2096, � 1, effective July 1, 1993. L. 93: (3) amended, p. 1464, � 10, effective June 6; IP(1) amended, p. 865, � 40, effective July 1, 1994. L. 96: (3)(b) repealed, p. 1088, � 2, effective May 23. L. 97: IP(1) amended, p. 764, � 36, effective July 1, 1998.