Colorado § 40-9.5-110.5 Directors - required policies

Colorado Statutes

§ 40-9.5-110.5 — Directors - required policies

Colorado § 40-9.5-110.5

Title 40Utilities

Art.Cooperative Electric Associations

This text of Colorado § 40-9.5-110.5 (Directors - required policies) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 40-9.5-110.5 (2026).

Text

(1)The board of each cooperative electric association shall adopt written policies concerning:

(a)The compensation provided to directors on the board of directors, including information on any authorized per diem amounts, and the value of any other benefits, services, or goods that directors receive;

(b)The requirements and procedures for a director on the board of directors to disclose in writing any conflicts of interest. At a minimum, an association's policy must require disclosure when a decision before the board could provide directly and as a proximate result of the decision a financial or other material benefit to:

(I)The director, if the benefit is unique to that director and not shared by similarly situated cooperative members;

(II)A parent, grandparent, spouse, pa

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(1) The board of each
cooperative electric association shall adopt written policies concerning:

(a) The compensation provided to directors on the board of directors,
including information on any authorized per diem amounts, and the value of any
other benefits, services, or goods that directors receive;

(b) The requirements and procedures for a director on the board of directors
to disclose in writing any conflicts of interest. At a minimum, an association's policy
must require disclosure when a decision before the board could provide directly and
as a proximate result of the decision a financial or other material benefit to:

(I) The director, if the benefit is unique to that director and not shared by
similarly situated cooperative members;

(II) A parent, grandparent, spouse, partner in a civil union, child, or sibling of
the director, if the benefit is unique to that person and not shared by similarly
situated cooperative members; or

(III) An entity in which the director is an officer or director or has a financial
interest unique to that director.

(2) (a) Subject to subsection (2)(b) of this section, a director on the board of
directors shall at all times fulfill the director's duty of loyalty to the association and
shall not allow a conflict of interest to impair the director's loyalty to the
association.

(b) Notwithstanding any other law to the contrary, if an individual is a
director on the board of directors of both a distribution cooperative electric
association and a generation and transmission cooperative electric association, the
director owes fiduciary duties to both associations and shall not be required to give
priority to a fiduciary duty the director owes to one association over the duties the
director owes to the other association.