Colorado § 7-55-114 Dissolution of association

Colorado Statutes

§ 7-55-114 — Dissolution of association

Colorado·Title 07 Corporations·Art. Cooperatives - General

Any association formed under this
article may be dissolved and its affairs terminated voluntarily by a two-thirds
majority vote of the members present and voting in person or by mail ballot at a
regular or special meeting, if the meeting notice, with a mail ballot attached, stated
that dissolution would be discussed; except that cooperative associations with less
than one hundred members may post notice of the discussion of such dissolution in
a conspicuous place at their normal place of business for at least thirty days prior
to such meeting. The board of directors by a two-thirds majority vote of its
members shall first adopt a resolution recommending dissolution and submit it to
the members, stating the reasons why the termination of the affairs of the
association is deemed ad

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Any association formed under this
article may be dissolved and its affairs terminated voluntarily by a two-thirds
majority vote of the members present and voting in person or by mail ballot at a
regular or special meeting, if the meeting notice, with a mail ballot attached, stated
that dissolution would be discussed; except that cooperative associations with less
than one hundred members may post notice of the discussion of such dissolution in
a conspicuous place at their normal place of business for at least thirty days prior
to such meeting. The board of directors by a two-thirds majority vote of its
members shall first adopt a resolution recommending dissolution and submit it to
the members, stating the reasons why the termination of the affairs of the
association is deemed advisable, the time by which it should be accomplished, and
shall also name three persons who are members of the association to act as
trustees in liquidation who shall have full power to do all things necessary in
liquidation and termination of the affairs of the association. Upon approval of the
resolution to dissolve by the members, the association shall deliver to the secretary
of state, for filing pursuant to part 3 of article 90 of this title, articles of dissolution.
A certified copy of the articles of dissolution shall be filed with the county clerk in
the county in which the principal business is transacted. All power of the directors
shall cease and the persons appointed shall proceed to terminate the affairs of the
association and realize upon its assets, pay its debts, and divide the remaining
money among the members and holders of equity, as stated in the bylaws or, if not
stated, in proportion to their property interests.

Colorado § 7-55-114 (Dissolution of association) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 73: R&RE, p. 433, � 1. C.R.S. 1963: � 30-1-14. L. 83: Entire section amended, p. 872, � 28, effective July 1. L. 96: Entire section amended, p. 545, � 11, effective July 1. L. 2002: Entire section amended, p. 1814, � 16, effective July 1; entire section amended, p. 1679, � 14, effective October 1. L. 2003: Entire section amended, p. 2218, � 60, effective July 1, 2004. L. 2004: Entire section amended, p. 1409, � 34, effective July 1.