(1) No sponsor shall be considered eligible to develop housing facilities or provide services in connection therewith pursuant to this part 7 unless it shows to the authority's satisfaction that the organization is incorporated, authorized to do business, or otherwise organized as required by the laws of this state.
(2) The sponsor, as provided in subsection (1) of this section, shall submit full details of its organizational documents, articles, and bylaws to the authority and shall provide and pay for an independent annual audit as may be required by the authority.
Source: L. 73: p. 811, § 1. C.R.S. 1963: § 69-11-12. L. 75: Entire section R&RE, p. 977, § 9, effective April 9.
Editor's note: This section was originally numbered as § 29-4-712 in C.R.S. 1973 but was renumbered on revision in the 1977 replacement volume for ease of location.