Cooperative housing corporations may be formed by any three or more adult residents of this state associating themselves to form a cooperative or nonprofit corporation, pursuant to article 55, 56, or 58 of title 7, C.R.S., or the “Colorado Revised Nonprofit Corporation Act”, articles 121 to 137 of title 7, C.R.S. The specified purpose of […]
In addition to any other requirements for articles of incorporation imposed by the “Colorado Revised Nonprofit Corporation Act”, articles 121 to 137 of title 7, C.R.S., such articles of incorporation shall, in the case of cooperative housing corporations, include the following provisions: That the corporation shall have only one class of stock outstanding; That each […]
The bylaws of a cooperative housing corporation shall provide that no less than eighty percent of the gross income of the corporation in any taxable year shall be derived from payments from tenant-stockholders. For the purposes of this article, “tenant-stockholder” means an individual who is a stockholder in the corporation and whose stock is fully […]
Stock certificates or membership certificates issued by cooperative housing corporations to tenant-stockholders shall be valid securities for investment by savings and loan associations, when the conditions imposed by section 11-41-119 (13), C.R.S., are met. Source: L. 80: Entire article added, p. 705, § 1, effective July 1. L. 99: Entire section amended, p. 629, § […]
Every stockholder of a cooperative housing corporation shall be entitled to receive from the corporation a proprietary lease or right of tenancy document which shall include the following provisions: That no sublease in excess of one year, amendment, or modification to such proprietary lease or right of tenancy in the property shall be permitted or […]
Any stock certificate or other evidence of membership issued by a cooperative housing corporation as an investment in its stock or capital to tenant-stockholders of such corporation is exempt from securities laws contained in article 51 of title 11, C.R.S. Source: L. 80: Entire article added, p. 705, § 1, effective July 1.
