CO Code § 7-121-401 (2021)
2021 Colorado Code|Title 7 - Corporations and Associations|Article 121 - General Provisions|Part 4 - Definitions|§ 7-121-401. General Definitions

 As used in articles 121 to 137 of this title 7, unless the context otherwise requires:    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Articles of incorporation” includes amended articles of incorporation, restated articles of incorporation, and other instruments, however designated, on file in the records of the secretary of state that have the effect of amending or supplementing in some respect the original or amended articles of incorporation, and shall also include:   For a corporation created by special act of the general assembly or pursuant to general law, which corporation has elected to accept the provisions of articles 121 to 137 of this title, the special charter and any amendments thereto made by special act of the general assembly or pursuant to general law prior to the corporation's election to accept the provisions of said articles;    For a corporation formed or incorporated under article 40, 50, or 51 of this title, which corporation has elected to accept the provisions of articles 121 to 137 of this title, the certificate of incorporation or affidavit and any amendments thereto made prior to the corporation's election to accept the provisions of said articles.       (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Board of directors” means the body authorized to manage the affairs of the domestic or foreign nonprofit corporation; except that no person or group of persons are the board of directors because of powers delegated to that person or group of persons pursuant to section 7-128-101 (2).    “Bylaws” means the code or codes of rules, other than the articles of incorporation, adopted pursuant to articles 121 to 137 of this title for the regulation or management of the affairs of the domestic or foreign nonprofit corporation irrespective of the name or names by which such rules are designated, and includes amended bylaws and restated bylaws.    “Cash” and “money” are used interchangeably in articles 121 to 137 of this title. Each of these terms includes:   Legal tender;    Negotiable instruments readily convertible into legal tender; and    Other cash equivalents readily convertible into legal tender.       “Class” refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption, and transfer. For the purpose of this section, rights shall be considered the same if they are determined by a formula applied uniformly to a group of memberships.    (Deleted by amendment,L. 2000, p. 982, § 76, effective July 1, 2000.)    “Corporation” or “domestic corporation” means a corporation for profit, which is not a foreign corporation, incorporated under or subject to the provisions of articles 101 to 117 of this title.    “Delegate” means any person elected or appointed to vote in a representative assembly for the election of a director or directors or on other matters.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Director” means a member of the board of directors.    “Distribution” means the payment of a dividend or any part of the income or profit of a corporation to its members, directors, or officers.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Effective date of notice” has the meaning set forth in section 7-121-402.    “Employee” includes an officer but not a director; except that a director may accept duties that make said director also an employee. (16.5) “Entrance fee” means any fee or charge, including a damage deposit, paid by a person to a residential nonprofit corporation in order to become a resident member. “Entrance fee” does not include regular periodic payments for the purchase or lease of residential real estate or for the day-to-day use of facilities or services.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Internal revenue code” means the federal “Internal Revenue Code of 1986”, as amended from time to time, or to corresponding provisions of subsequent internal revenue laws of the United States of America.       (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Member” means any person or persons identified as such in the articles of incorporation or bylaws pursuant to a procedure stated in the articles of incorporation or bylaws or by a resolution of the board of directors. The term “member” includes “voting member” and a stockholder in a cooperative housing corporation formed pursuant to section 38-33.5-101, C.R.S.    “Membership” refers to the rights and obligations of a member or members. (25.5) “Mutual ditch company” means a nonprofit corporation that complies with article 42 of this title.    “Nonprofit corporation” or “domestic nonprofit corporation” means an entity, which is not a foreign nonprofit corporation, incorporated under or subject to the provisions of articles 121 to 137 of this title.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Receive”, when used in reference to receipt of a writing or other document by a domestic or foreign nonprofit corporation, means that the writing or other document is actually received:   By the domestic or foreign nonprofit corporation at its registered office or at its principal office;    By the secretary of the domestic or foreign nonprofit corporation, wherever the secretary is found; or    By any other person authorized by the bylaws or the board of directors to receive such writings, wherever such person is found.       “Record date” means the date, established under article 127 of this title, on which a nonprofit corporation determines the identity of its members. The determination shall be made as of the close of business on the record date unless another time for doing so is stated when the record date is fixed.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.) (32.5) “Residential member” means a member of a residential nonprofit corporation whose status as a member is dependent upon, or whose membership is accorded voting rights as a result of, owning or leasing specified residential real estate.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.) (33.5)   Except as otherwise provided in paragraph (b) of this subsection (33.5), “residential nonprofit corporation” means a nonprofit corporation that has residential members.    Notwithstanding subsection (33.5)(a) of this section, “residential nonprofit corporation” does not include:   A unit owners' association or any other entity subject to the “Colorado Common Interest Ownership Act”, article 33.3 of title 38, C.R.S., regardless of whether it was formed before, on, or after July 1, 1992;    A nursing care facility licensed by the department of public health and environment under section 25-3-101, C.R.S.;    An assisted living residence licensed under section 25-3-101, C.R.S.;    A life care institution regulated under article 49 of title 11; or    A continuing care retirement community, as described in section 25.5-6-203, C.R.S., operated by an entity that is licensed or otherwise subject to state regulation.          “Secretary” means the corporate officer to whom the bylaws or the board of directors has delegated responsibility under section 7-128-301 (3) for the preparation and maintenance of minutes of the meetings of the board of directors and of the members and of the other records and information required to be kept by the nonprofit corporation under section 7-136-101 and for authenticating records of the nonprofit corporation.    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    (Deleted by amendment,L. 2003, p. 2332, § 280, effective July 1, 2004.)    “Vote” includes authorization by written ballot and written consent.    “Voting group” means all the members of one or more classes of members or directors that, under articles 121 to 137 of this title or the articles of incorporation or bylaws, are entitled to vote and be counted together collectively on a matter. All members or directors entitled by articles 121 to 137 of this title or the articles of incorporation or bylaws to vote generally on the matter are for that purpose a single voting group.    “Voting member” means any person or persons who on more than one occasion, pursuant to a provision of a nonprofit corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. A person is not a voting member solely by virtue of any of the following:   Any rights such person has as a delegate;    Any rights such person has to designate a director or directors; or    Any rights such person has as a director.         History. Source: L. 97: Entire article added, p. 652, § 3, effective July 1, 1998. L. 98: (24) amended, p. 622, § 24, effective July 1. L. 2000: (3) and (8) amended, p. 982, § 76, effective July 1. L. 2002: (14) amended, p. 1859, § 158, effective July 1; (14) amended, p. 1719, § 132, effective October 1. L. 2003: (1), (2)(b), (3), (11), (14), (17), (18), (19), (20), (22), (23), (24), (27), (28), (29), (31), (32), (33), (34), (35), (36), and (37) amended, p. 2332, § 280, effective July 1, 2004. L. 2004: IP(2) amended, p. 1509, § 290, effective July 1. L. 2006: IP(2) amended and (25.5) added, p. 881, §§ 77, 78, effective July 1. L. 2011: (16.5), (32.5), and (33.5) added,(HB 11-1110), ch. 22, p. 54, § 1, effective March 11. L. 2017: IP, IP(33.5)(b), and (33.5)(b)(IV) amended,(SB 17-226), ch. 159, p. 588, § 3, effective August 9.    Cross references:   For additional definitions applicable to this article, see § 7-90-102 .   ANNOTATION   Annotator's note. Since § 7-121-401 is similar to § 7-20-102 as it existed prior to the 1997 recodification of the “Colorado Revised Nonprofit Corporation Act”, articles 121 to 137 of title 7, a case construing that provision has been included in the annotations to this section.   To determine whether a corporation is “nonprofit”, the basic question to be answered is whether the corporation is being exploited for direct monetary gain. People ex rel. Meiresonne v. Arnold, 37 Colo. App. 414, 553 P.2d 79 (1976).