Disposition of assets not requiring member approval.

  1. Law
  2. Colorado Revised Statutes
  3. Corporations And Associations
  4. Uniform Limited Cooperative Association Act
  5. Disposition of assets not requiring member approval.

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(1) Unless the articles of organization otherwise provide, member approval under section 7-58-1502 is not required for a limited cooperative association to:

  1. Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets ofthe association in the usual and regular course of business; or

  2. Mortgage, pledge, dedicate to the repayment of indebtedness, or otherwise encumberin any way all or any part of the assets of the association, whether or not in the usual and regular course of business.

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 811, § 1, effective April 2, 2012.


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