reglab/housing_qa huggingface dataset:
CO Code § 7-58-814 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-814. Waiver of Notice of Meeting

  Unless the articles or bylaws otherwise provide, a director may waive any required notice of a meeting of the board of directors in a record before, during, or after the meeting.    Unless the articles or bylaws otherwise provide, a director's participation in a meeting is a waiver of notice of that meeting unless:   The director objects to the meeting at the beginning of the meeting or promptly upon the director's arrival at the meeting and does not thereafter vote in favor of or otherwise assent to the action taken at the meeting; or    The director promptly objects upon the introduction of any matter for which notice under section 7-58-813 is required and has not been given and does not thereafter vote in favor of or otherwise assent to the action taken on the matter.        History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 795, § 1, effective April 2, 2012.
CO Code § 7-58-815 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-815. Quorum

  Unless the articles or bylaws provide for a greater number, a majority of the total number of directors specified by the articles or bylaws constitutes a quorum for a meeting of the directors.    If a quorum of the board of directors is present at the beginning of a meeting, any action taken by the directors present is valid even if withdrawal of directors originally present results in the number of directors being fewer than the number required for a quorum.    A director present at a meeting but objecting to notice under section 7-58-814 (2) does not count toward a quorum.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 795, § 1, effective April 2, 2012.
CO Code § 7-58-816 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-816. Voting

  Each director has one vote for purposes of decisions made by the board of directors.    Unless the articles or bylaws otherwise provide, the affirmative vote of a majority of directors present at a meeting is required for action by the board of directors.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 795, § 1, effective April 2, 2012.
CO Code § 7-58-817 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-817. Committees

  Unless the articles or bylaws otherwise provide, a board of directors may create one or more committees and appoint one or more individuals to serve on a committee.    Unless the articles or bylaws otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director or member.    An individual who is not a director and is serving on a committee has, with respect to the subject matter of the committee, the same rights, duties, and obligations as a director serving on the committee.    Unless the articles or bylaws otherwise provide, and subject to the oversight responsibility of the board of directors, each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not:   Approve allocations or distributions except according to a formula or method prescribed by the board of directors;    Approve or propose to members action requiring approval of members; or    Fill vacancies on the board of directors or any of its committees.        History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 795, § 1, effective April 2, 2012.
CO Code § 7-58-818 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-818. Standards of Conduct and Liability

  Except as otherwise provided in section 7-58-820:   The discharge of the duties of a director or member of a committee of the board of directors is governed by the law applicable to directors of entities organized under the “Colorado Business Corporation Act”, articles 101 to 117 of this title; and    The liability of a director or member of a committee of the board of directors is governed by the law applicable to directors of entities organized under the “Colorado Business Corporation Act”, articles 101 to 117 of this title.        History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 796, § 1, effective April 2, 2012.
CO Code § 7-58-819 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-819. Conflict of Interest

  The law applicable to conflicts of interest relating to a director of an entity organized under the “Colorado Business Corporation Act”, articles 101 to 117 of this title, governs conflicts of interest relating to a limited cooperative association and a director.    A director does not have a conflict of interest under this article or the articles and bylaws solely because the director's conduct relating to the duties of the director may further the director's own interest.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 796, § 1, effective April 2, 2012.
CO Code § 7-58-820 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-820. Other Considerations of Directors

  Unless the articles otherwise provide, in considering the best interests of a limited cooperative association, a director of the association in discharging the duties of director, in conjunction with considering the long- and short-term interest of the association and its members, may consider:   The interest of employees, customers, and suppliers of the association;    The interest of the community in which the association operates; and    Other cooperative principles and values that may be applied in the context of the decision.        History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 796, § 1, effective April 2, 2012.
CO Code § 7-58-821 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-821. Right of Director or Committee Member to Information

 A director or a member of a committee appointed under section 7-58-817 may obtain, inspect, and copy all information regarding the state of activities and financial condition of the limited cooperative association and other information regarding the activities of the association if the information is reasonably related to the performance of the director's duties as director or the committee member's duties as a member of the committee. Information obtained in accordance with this section may not be used by a director or a committee member in any manner that would violate any duty of or to the association.   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 796, § 1, effective April 2, 2012.
CO Code § 7-58-822 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-822. Appointment and Authority of Officers

  A limited cooperative association has the officers:   Provided in the articles or bylaws; or    Established by the board of directors in a manner not inconsistent with the articles and bylaws.       The articles or bylaws may designate or, if the articles or bylaws do not designate, the board of directors shall designate, one of the association's officers for preparing all records required by section 7-58-112 and for the authentication of records.    Unless the articles or bylaws otherwise provide, the board of directors shall appoint the officers of the limited cooperative association.    Officers of a limited cooperative association shall perform the duties the articles and bylaws prescribe or as authorized by the board of directors in a manner not inconsistent with the articles and bylaws.    The election or appointment of an officer of a limited cooperative association does not of itself create a contract between the association and the officer.    Unless the articles or bylaws otherwise provide, an individual may simultaneously hold more than one office in a limited cooperative association.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 797, § 1, effective April 2, 2012.
CO Code § 7-58-823 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 8 - Directors and Officers|§ 7-58-823. Resignation and Removal of Officers

  The board of directors may remove an officer at any time with or without cause.    An officer of a limited cooperative association may resign at any time by giving notice in a record to the association. Unless the notice specifies a later time, the resignation is effective when the notice is received by the association.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 797, § 1, effective April 2, 2012.
CO Code § 7-58-901 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 9 - Indemnification|§ 7-58-901. Indemnification

  Indemnification of an individual who has incurred liability or is a party, or is threatened to be made a party, to litigation because of the performance of a duty to, or activity on behalf of, a limited cooperative association is governed by the “Colorado Business Corporation Act”, articles 101 to 117 of this title.    A limited cooperative association may purchase and maintain insurance on behalf of any individual against liability asserted against or incurred by the individual to the same extent and subject to the same conditions as provided by the “Colorado Business Corporation Act”, articles 101 to 117 of this title.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 797, § 1, effective April 2, 2012.
CO Code § 7-58-1001 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1001. Members' Contributions

 The articles or bylaws must establish the amount, manner, or method of determining any contribution requirements for members or must authorize the board of directors to establish the amount, manner, or other method of determining any contribution requirements for members.   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 798, § 1, effective April 2, 2012.
CO Code § 7-58-1002 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1002. Contribution and Valuation

  Unless the articles or bylaws otherwise provide, the contributions of a member to a limited cooperative association may consist of tangible or intangible property or other benefit to the association, including money, labor or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed.    The receipt and acceptance of contributions and the valuation of contributions must be reflected in a limited cooperative association's records.    Unless the articles or bylaws otherwise provide, the board of directors shall determine the value of a member's contributions received or to be received, and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member's contribution obligation has been met.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 798, § 1, effective April 2, 2012.
CO Code § 7-58-1003 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1003. Contribution Agreements

 Persons may enter into agreements to make contributions to a limited cooperative association before or after it is formed. Those agreements are enforceable by the association in accordance with their terms.   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 798, § 1, effective April 2, 2012.
CO Code § 7-58-1004 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1004. Allocations of Profits and Losses

  Unless the articles or bylaws otherwise provide, all profits and losses of a limited cooperative association must be allocated to patron members. Unless the articles or bylaws otherwise provide, losses of the association must be allocated in the same proportion as profits.    The articles or bylaws may provide for allocating profits of a limited cooperative association among members, among persons that are not members but conduct business with the association, to an unallocated account, or to any combination thereof.    If a limited cooperative association has investor members, the articles or bylaws may not reduce the allocation to patron members to less than fifty percent of profits. For purposes of this subsection (3), the following rules apply:   Amounts paid or due on contracts for the delivery to the association by patron members of products, goods, or services are not considered amounts allocated to patron members.    Amounts paid, due, or allocated to investor members as a stated fixed or variable rate of return on investment are not considered amounts allocated to investor members if the determination of the return is not related to or based on profits.       Unless prohibited by the articles or bylaws, in determining the profits for allocation under subsections (1), (2), and (3) of this section, the board of directors may first deduct and set aside a part of the profits to create or accumulate:   Unallocated capital; and    Reasonable unallocated reserves for specific purposes, including expansion and replacement of capital assets; education, training, and cooperative development; creation and distribution of information concerning principles of cooperation; and community responsibility.       Subject to subsections (1) and (6) of this section and the articles and bylaws, the board of directors shall allocate the amount remaining after any deduction or setting aside of amounts under subsection (4) of this section:   To patron members in the ratio of each member's patronage to the total patronage of all patron members during the period for which allocations are to be made; and    To investor members, if any, in the ratio of each investor member's contributions to the total contributions of all investor members.       For purposes of allocation of profits and losses or specific items of profits or losses of a limited cooperative association to members, the articles or bylaws may establish allocation units or methods based on separate classes of members or, for patron members, on class, function, division, district, department, allocation units, pooling arrangements, members' contributions, or other equitable methods.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 798, § 1, effective April 2, 2012.
CO Code § 7-58-1005 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1005. Distributions

  Unless the articles or bylaws otherwise provide and subject to section 7-58-1007, the board of directors may authorize, and the limited cooperative association may make, distributions to members.    Unless the articles or bylaws otherwise provide, distributions to members may be made in any form, including money, capital credits, allocated patronage equities, revolving fund certificates, and the limited cooperative association's own or other securities.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 799, § 1, effective April 2, 2012.
CO Code § 7-58-1006 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1006. Redemption or Repurchase

 Property distributed to a member by a limited cooperative association, other than money, may be redeemed or repurchased as provided in the articles or bylaws, but a redemption or repurchase may not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole discretion. A redemption or repurchase is treated as a distribution for purposes of section 7-58-1007 .   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 800, § 1, effective April 2, 2012.
CO Code § 7-58-1007 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1007. Limitation on Distributions

  A limited cooperative association may not make a distribution if, after the distribution:   The association would not be able to pay its debts as they become due in the ordinary course of the association's activities; or    The association's assets would be less than the sum of its total liabilities.       A limited cooperative association may base a determination that a distribution is not prohibited under subsection (1) of this section on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.    Except as otherwise provided in subsection (4) of this section, the effect of a distribution allowed under subsection (2) of this section is measured:   In the case of distribution by purchase, redemption, or other acquisition of financial rights in the limited cooperative association, as of the date money or other property is transferred or debt is incurred by the association; and    In all other cases, as of the date:   The distribution is authorized, if the payment occurs not later than one hundred twenty days after that date; or    The payment is made, if payment occurs more than one hundred twenty days after the distribution is authorized.          If indebtedness is issued as a distribution, each payment of principal or interest on the indebtedness is treated as a distribution, the effect of which is measured on the date the payment is made.    For purposes of this section, “distribution” does not include reasonable amounts paid to a member in the ordinary course of business as payment or compensation for commodities, goods, past or present services, or reasonable payments made in the ordinary course of business under a bona fide employee retirement or other benefits program.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 800, § 1, effective April 2, 2012.
CO Code § 7-58-1008 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1008. Liability for Improper Distributions - Limitation of Action

  A director who consents to a distribution that violates section 7-58-1007 is personally liable to the limited cooperative association for the amount of the distribution that exceeds the amount that could have been distributed without the violation if it is established that, in consenting to the distribution, the director failed to comply with section 7-58-818 or 7-58-819.    A member or transferee of financial rights that received a distribution knowing that the distribution was made in violation of section 7-58-1007 is personally liable to the limited cooperative association to the extent that the distribution exceeded the amount that could have been properly paid.    A director against whom an action is commenced under subsection (1) of this section may:   Implead in the action any other director who is liable under subsection (1) of this section and compel contribution from the director; and    Implead in the action any person that is liable under subsection (2) of this section and compel contribution from the person in the amount the person received as described in subsection (2) of this section.       An action under this section is barred if it is commenced later than three years after the distribution.     History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 801, § 1, effective April 2, 2012.
CO Code § 7-58-1009 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1009. Relation to State Securities Law

 Any security, patronage refund, per unit retain certificate, capital credit, evidence of membership, preferred equity certificate, or other equity instrument issued, sold, or reported by a limited cooperative association as an investment in its stock or capital to the patron members of the association or by an entity subject to this article or a similar law of any other jurisdiction and authorized to transact business or conduct activities in this state is exempt from the securities laws contained in the “Colorado Securities Act”, article 51 of title 11, C.R.S. Such securities, patronage refunds, per unit retain certificates, capital credits, or evidences of membership, preferred equity certificates, or other equity instruments may be issued, sold, or reported to patron members of the association or entity lawfully by the issuer or its directors, officers, members, or salaried employees without the necessity of the issue or its directors, officers, members, or employees being registered as brokers or dealers under the “Colorado Securities Act”, article 51 of title 11, C.R.S.   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 801, § 1, effective April 2, 2012.
CO Code § 7-58-1010 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 58 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|§ 7-58-1010. Alternative Distribution of Unclaimed Property, Distributions, Redemptions, or Payments

 A limited cooperative association may provide in its articles or bylaws for the disposition of funds when declared payable by the association and remaining unclaimed by the holder for three years after notification has been mailed to the holder's last-known address of record on the books of the association, which disposition may consist of transferring the funds to the general operating account of the association.   History. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 801, § 1, effective April 2, 2012.