reglab/housing_qa huggingface dataset:
CO Code § 11-42-104 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-104. Participating and Limited Dividend Shares

 Shares may be issued to participate fully or to a limited extent in the net earnings of the association if the articles of incorporation so provide, and such participation shall be specified in the body of the certificate. All shares participating fully in net earnings shall be entitled to an equal rate of dividend, if earned, as fixed by the board of directors. Shares participating to a limited extent shall be entitled to such rate of dividend, if earned, as fixed by the board of directors for the semiannual periods ending June thirtieth and December thirty-first of each year; but, if the rate is decreased, the shareholders thus affected shall be given written notice of the new rate, within thirty days after date of declaration, by mailing such notice to their last known addresses.   History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-4. L. 55: P. 762, § 8. C.R.S. 1963: § 122-3-4. History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-4. L. 55: P. 762, § 8. C.R.S. 1963: § 122-3-4.    ANNOTATION   Directors must act reasonably and honestly in declaring dividends. A holder of a certificate is entitled only to the face value of the certificate plus the regular dividend and such extra dividends as the directors, acting honestly and reasonably and not fraudulently or capriciously, declare. Midland Sav. & Loan Co. v. Dunmire, 68 F.2d 249 (10th Cir. 1933).
CO Code § 11-42-105 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-105. Responsibility for Losses - Extent

 The members of an association shall not be responsible for any losses which its invested capital is not sufficient to satisfy, except to the extent provided in sections 11-42-108 to 11-42-110 , and the shares shall not be subject to assessment, nor shall certificate holders be liable for any unpaid installment on their shares. Except as provided in article 47 of this title, no preference between certificate holders shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association. Shareholders in mutual associations shall participate in the distribution of all assets, and in permanent stock associations they shall participate first, but only to the extent of their share investments.   History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-5. C.R.S. 1963: § 122-3-5. L. 75: Entire section amended, p. 406, § 2, effective January 1, 1976. History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-5. C.R.S. 1963: § 122-3-5. L. 75: Entire section amended, p. 406, § 2, effective January 1, 1976.
CO Code § 11-42-106 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-106. Transfer of Shares

 Share certificates are transferable on the books of the association by the holder thereof, in person or by a duly authorized attorney, upon surrender of the certificate properly endorsed. The association may treat the holder of record thereof as the owner for all purposes without being affected by any notice to the contrary until the certificate is transferred on the books of the association. A transfer charge of not to exceed fifty cents may be charged for each certificate transferred on its books.   History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-6. L. 55: P. 762, § 9. C.R.S. 1963: § 122-3-6. History. Source: L. 33: Pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: P. 248, § 19. L. 43: P. 202, § 4. CRS 53: § 122-3-6. L. 55: P. 762, § 9. C.R.S. 1963: § 122-3-6.
CO Code § 11-42-108 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-108. Assessment to Restore Impaired Permanent Stock

  Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock issued on or after July 1, 1981, except as provided by this section. If the commissioner, as a result of any examination or from any report made to him, finds that the permanent stock of any association is impaired, he shall notify the association that such impairment exists. In the event the amount of the impairment, as determined by the commissioner, is questioned by the association, then, upon application filed within ten days, the value of the assets in question shall be determined by appraisals made by independent appraisers acceptable to the commissioner and the association.    If the bylaws of an association expressly give the directors the authority to levy an assessment on permanent stock, then, subject to any limitations contained in the bylaws, the directors may levy and collect assessments upon permanent stock. The directors of an association which has received such notice may levy a pro rata assessment upon the permanent stock thereof to make good such impairment and shall cause notice of the finding of the commissioner and such levy to be given in writing to each stockholder of such association and the amount of assessment which the stockholder must pay for the purpose of making good such impairment; but, in lieu of making such assessment, the impairment may be made good, without the consent of the commissioner, by the reduction of the permanent stock in the manner provided in section 11-42-107.     History. Source: L. 33: P. 317, § 1. CSA: C. 25, § 25. L. 43: P. 204, § 5. L. 51: P. 212, § 2. CRS 53: § 122-3-8. C.R.S. 1963: § 122-3-8. L. 81: Entire section amended, p. 623, § 3, effective May 18. History. Source: L. 33: P. 317, § 1. CSA: C. 25, § 25. L. 43: P. 204, § 5. L. 51: P. 212, § 2. CRS 53: § 122-3-8. C.R.S. 1963: § 122-3-8. L. 81: Entire section amended, p. 623, § 3, effective May 18.    ANNOTATION   Compliance with this section is mandatory. Upon notification that the capital of a savings and loan association is impaired, compliance with this statute is mandatory. Equity Sav. & Loan Ass'n v. Great W. Mtgs., Inc., 31 Colo. App. 178, 501 P.2d 483 (1972).   The directors have two alternatives: They can question the amount of the impairment within 10 days of notification, or they can forego questioning the impairment and levy a pro rata assessment. Equity Sav. & Loan Ass'n v. Great W. Mtgs., Inc., 31 Colo. App. 178, 501 P.2d 483 (1972).
CO Code § 11-42-110 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-110. Forfeiture of Delinquent Stock

  If no bid or offer is received equal to or more than the amount of such assessment and the expense of sale, such stock shall be declared forfeited to the association and accepted in full satisfaction of such assessment, and such stock shall not be reissued except in accordance with a permit thereafter obtained from the commissioner pursuant to section 11-42-112.    The proceeds from any assessment, less the cost of any sales and any forfeiture of delinquent stock, shall be credited to the contingent reserve account.     History. Source: L. 33: P. 317, § 1. CSA: C. 25, § 25. L. 43: P. 204, § 5. L. 51: P. 212, § 2. CRS 53: § 122-3-10. C.R.S. 1963: § 122-3-10. History. Source: L. 33: P. 317, § 1. CSA: C. 25, § 25. L. 43: P. 204, § 5. L. 51: P. 212, § 2. CRS 53: § 122-3-10. C.R.S. 1963: § 122-3-10.
CO Code § 11-42-112 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-112. Requirements for Sale of Permanent Stock

  No association shall sell, offer for sale, negotiate for the sale of or take subscriptions for, or issue any of its permanent stock until it has first applied for and secured from the commissioner a permit authorizing it so to do. Such application shall be in writing, verified, and filed with the commissioner. In such application, the association shall set forth the names and addresses of its officers, the location of its office, an itemized account of its financial condition, the amount and character of its stock and shares, a copy of any prospectus or advertisement or other description of its stock to be distributed or published, a copy of all minutes of any proceedings of its directors, shareholders, or stockholders relating to or affecting the issue of such stock, and such additional information concerning the association, its condition, and its affairs as the commissioner may require. Upon the filing of such application, it shall be the duty of the commissioner to examine it and the other papers and documents filed therewith.    If he finds that the proposed issue is such as will not mislead the public as to the nature of the investment or will not work a fraud upon the purchaser thereof, the commissioner shall issue to the association a permit authorizing it to issue and dispose of its stock in such amounts as the commissioner may in such permit provide; otherwise he shall deny the application and notify the association in writing of his decision.    Every permit shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued. The commissioner may impose conditions requiring the impoundment of the proceeds from the sale of such stock and limiting the expense in connection with the sale thereof and such other conditions as he may deem reasonable and necessary or advisable to insure the disposition of the proceeds from the sale of such stock in the manner and for the purposes provided in such permit. The commissioner from time to time may amend, alter, or revoke any permit issued by him or temporarily suspend the rights of such association under such permit. The commissioner has the power to establish such rules and regulations as may be reasonable or necessary to carry out the purposes and provisions of this section.     History. Source: L. 33: P. 318, § 2. CSA: C. 25, § 26. CRS 53: § 122-3-12. C.R.S. 1963: § 122-3-12. History. Source: L. 33: P. 318, § 2. CSA: C. 25, § 26. CRS 53: § 122-3-12. C.R.S. 1963: § 122-3-12.
CO Code § 11-42-113 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-113. Redemption of Shares or Stock

 Every savings and loan association may redeem its shares or stock and repay the funds acquired thereby with such earnings as the same may be entitled to according to the terms of the issue thereof if the same are no longer required for the purposes of the association upon giving thirty days' written notice in the manner provided in the bylaws of the association, but the association cannot redeem permanent stock. The method of redemption shall be prescribed in the bylaws of the association.   History. Source: L. 33: P. 355, § 9. CSA: C. 25, § 77. CRS 53: § 122-3-13. C.R.S. 1963: § 122-3-13. History. Source: L. 33: P. 355, § 9. CSA: C. 25, § 77. CRS 53: § 122-3-13. C.R.S. 1963: § 122-3-13.
CO Code § 11-42-114 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-114. Bonus Plan

  Any association may adopt a plan for the payment of a cash bonus to members agreeing to make share investments in order to provide funds for the financing of homes. Such plan, before being adopted, shall be approved by a majority of the members of the board of directors at any regular or special meeting thereof and shall become effective upon the filing with and approval of the commissioner. The board of directors at any regular or special meeting may abolish the bonus plan as to shares purchased after the date of such action.    After adoption and approval of such bonus plan, the board of directors shall transfer out of net earnings to an account designated “bonus reserve” an amount which, together with existing credits to the bonus reserve, is sufficient to pay the bonus on all accounts then entitled to participation in the bonus reserve in accordance with the provisions of this section. The board of directors may transfer any excess in the bonus reserve to the undivided profits account.     History. Source: L. 33: P. 357, § 13. CSA: C. 25, § 81. L. 39: P. 254, § 29. CRS 53: § 122-3-14. L. 59: P. 664, § 5. C.R.S. 1963: § 122-3-14. History. Source: L. 33: P. 357, § 13. CSA: C. 25, § 81. L. 39: P. 254, § 29. CRS 53: § 122-3-14. L. 59: P. 664, § 5. C.R.S. 1963: § 122-3-14.
CO Code § 11-42-115 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-115. Power to Issue Shares to Minors or in Trust

  Every association has the power to issue stock or shares to a minor of any age and either sex and receive payments thereon from, by, or for the minor. He shall be entitled to withdraw, transfer, or pledge any such shares owned by him and to receive from such association any dividends or other moneys at any time becoming due thereon in the same manner and subject to the same conditions as an adult, and his receipt or acquittance therefor shall constitute a valid release and discharge to the association for the payment of such moneys. The dealing of an association with a minor shall have the same effect upon the association's liability as if the minor were of full legal capacity, until his guardian or conservator files with the association a certified copy of the order of a Colorado court having jurisdiction appointing the guardian or conservator and directing otherwise.    Subject to such regulations as the board of directors of the association may prescribe, an association may contract with the proper authorities of any public or nonpublic elementary or secondary school or any public or charitable institution caring for minors for the participation by the association in any school or institutional thrift or savings plan.    Every association has power to issue stock or shares to any person on a revocable trust for another person, who is either named in writing as beneficiary thereof or who is unnamed. At any time during the lifetime of the trustee, the stock or shares, together with dividends, if any, shall be withdrawn only by the trustee. On the death of the trustee, the stock or shares, together with dividends, if any, shall be paid to the person for whom the stock or shares were issued as designated beneficiary, even though the beneficiary is not of full legal capacity, and, if there is no designated beneficiary living at that time, then to the personal representative of the trustee.    The foregoing authorization shall not be construed as providing an exclusive method for a trustee to invest in stock or shares of an association. Nothing contained in this section shall be construed as limiting or repealing either section 28-5-214 or 28-5-301, C.R.S., with respect to investment of funds by guardians and conservators of minor and incompetent beneficiaries of the veterans administration, heretofore or hereafter appointed, or part 3 of article 1 of title 15, C.R.S., with respect to investments by fiduciaries.     History. Source: L. 33: P. 351, § 1. CSA: C. 25, § 69. CRS 53: § 122-3-15. L. 57: P. 652, § 1. C.R.S. 1963: § 122-3-15. L. 79: (1) amended, p. 647, § 3, effective July 1. L. 2002: (3) amended, p. 1359, § 7, effective July 1. History. Source: L. 33: P. 351, § 1. CSA: C. 25, § 69. CRS 53: § 122-3-15. L. 57: P. 652, § 1. C.R.S. 1963: § 122-3-15. L. 79: (1) amended, p. 647, § 3, effective July 1. L. 2002: (3) amended, p. 1359, § 7, effective July 1.    Cross references:   For competence of persons 18 years of age or older generally, see § 13-22-101 .
CO Code § 11-42-116 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-116. Joint Accounts

 Except as to accounts, which are defined in and which are paid as provided in article 15 of title 15, C.R.S., where shares or stock of an association is issued in the name of two or more persons or the survivors of them, such shares or stock and all dues paid on account thereof by either or any of such persons shall become the property of such persons as joint tenants, and the same, together with dividends, shall be held for the exclusive use of such persons and may be paid to either or any of them during their lifetimes or to the survivors of them after the death of one or more of them, and such payment and the receipt and acquittance of the persons to whom such payment is made shall be a valid and sufficient release and discharge to such association for all payments made on account of such shares or stock.   History. Source: L. 33: P. 351, § 2. CSA: C. 25, § 70. CRS 53: § 122-3-16. C.R.S. 1963: § 122-3-16. L. 73: P. 1649, § 14. L. 75: Entire section amended, p. 587, § 3, effective July 1. L. 90: Entire section amended, p. 920, § 4, effective July 1. History. Source: L. 33: P. 351, § 2. CSA: C. 25, § 70. CRS 53: § 122-3-16. C.R.S. 1963: § 122-3-16. L. 73: P. 1649, § 14. L. 75: Entire section amended, p. 587, § 3, effective July 1. L. 90: Entire section amended, p. 920, § 4, effective July 1.
CO Code § 11-42-117 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-117. Notice of Intention to Withdraw

 Each association may, at its option, prescribe a period or periods of notice of intention to withdraw. The period of any such notice of intention to withdraw shall not exceed sixty days. All notices of intention to withdraw shall be set forth and be a part of the bylaws of the association. All periods of notice of intention to withdraw shall be disclosed to members at the time of opening an account and shall appear on the shares as described in section 11-42-101 . Each association may prescribe by its bylaws the terms and conditions of withdrawal which are not contrary to the provisions of articles 40 to 46 of this title. The shares shall state that the right of withdrawal is subject to the provisions of articles 40 to 46 of this title. This section shall not apply to tax and loan accounts, note accounts, or similar accounts when, subject to the regulations of the United States treasury, the association is serving as a depository for federal taxes or as a treasury tax and loan depository.   History. Source: L. 33: P. 319, § 1. CSA: C. 25, § 27. CRS 53: § 122-3-17. C.R.S. 1963: § 122-3-17. L. 79: Entire section amended, p. 432, § 8, effective June 19. L. 83: Entire section R&RE, p. 501, § 1, effective May 23. History. Source: L. 33: P. 319, § 1. CSA: C. 25, § 27. CRS 53: § 122-3-17. C.R.S. 1963: § 122-3-17. L. 79: Entire section amended, p. 432, § 8, effective June 19. L. 83: Entire section R&RE, p. 501, § 1, effective May 23.
CO Code § 11-42-118 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-118. Form of Notice

 Any notice of intention to withdraw shall be invalid unless it is given in writing and is signed by a member entitled to make a withdrawal.   History. Source: L. 33: P. 320, § 2. CSA: C. 25, § 28. CRS 53: § 122-3-18. C.R.S. 1963: § 122-3-18. L. 83: Entire section amended, p. 501, § 2, effective May 23. History. Source: L. 33: P. 320, § 2. CSA: C. 25, § 28. CRS 53: § 122-3-18. C.R.S. 1963: § 122-3-18. L. 83: Entire section amended, p. 501, § 2, effective May 23.
CO Code § 11-42-119 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-119. Filing of Notice

 All notices of intention to withdraw shall be filed when received by each association in the order in which they are received, and each shall be kept on file with the exact time of the receipt thereof noted thereon, or recorded, until it is paid or canceled at the written request of the member.   History. Source: L. 33: P. 320, § 3. CSA: C. 25, § 29. CRS 53: § 122-3-19. C.R.S. 1963: § 122-3-19. L. 83: Entire section amended, p. 501, § 3, effective May 23. History. Source: L. 33: P. 320, § 3. CSA: C. 25, § 29. CRS 53: § 122-3-19. C.R.S. 1963: § 122-3-19. L. 83: Entire section amended, p. 501, § 3, effective May 23.
CO Code § 11-42-120 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-120. Shares or Account Not Withdrawable

 No member whose shares are pledged or whose account is pledged as security for a real estate loan from the association issuing such shares or accepting such account shall be permitted to make a withdrawal or be entitled to give any valid notice of intention to withdraw in respect of such shares or account until the indebtedness for which such shares are pledged or for which such account is pledged as security has been fully paid; except that withdrawals may be made without notice if the full amount of such withdrawals is used to pay such indebtedness or any part thereof.   History. Source: L. 33: P. 320, § 4. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: Entire section amended, p. 502, § 4, effective May 23. History. Source: L. 33: P. 320, § 4. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: Entire section amended, p. 502, § 4, effective May 23.
CO Code § 11-42-121 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 42 - Shares and Stock|§ 11-42-121. Payment of Withdrawals

  In case the funds of an association applicable to withdrawals are not sufficient to pay off all members desiring to withdraw, such members may be paid off in either one of two methods, dependent upon which method the board of directors of the association may desire to follow, in full in the order in which withdrawal notices are filed or on a pro rata basis, as follows:   In the event an association elects to pay withdrawals in full in the order in which withdrawal notices are filed, all notices of withdrawal shall be filed in writing in order of time in which filed, and shall be kept in numerical order and so numbered, and shall be paid in the order filed as funds are available for that purpose.    As to associations which elect to pay withdrawals on a pro rata basis, all shares or accounts on which notices of withdrawal have been filed during any period of notice shall receive their pro rata share of the funds available for withdrawal at the end of such notice period, based upon the withdrawal value of the shares or account at the time distribution is made.    Repealed.       Notice of withdrawal shall not make such withdrawing member a creditor of the association.    As to all shares on which a withdrawal notice is on file, the holder thereof shall be entitled to the same rate of dividends paid like shares not on withdrawal.    In all cases, withdrawals shall be governed by the bylaws of the association insofar as such bylaws are not in conflict with the provisions of articles 40 to 46 of this title.     History. Source: L. 33: P. 321, § 5. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: IP(1), (1)(a), (1)(b), and (2) amended and (1)(c) repealed, pp. 502, 503, §§ 5, 7, effective May 23. History. Source: L. 33: P. 321, § 5. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: IP(1), (1)(a), (1)(b), and (2) amended and (1)(c) repealed, pp. 502, 503, §§ 5, 7, effective May 23.