2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-130.5 - [Effective 8/7/2024] Cessation of business as an association - amendment of articles

(1)
Notwithstanding any provision of this article 41 to the contrary, in connection with the sale of all or a substantial part of its assets, the board of directors of any savings and loan association may propose an amendment to its articles of incorporation to amend the objects and purposes to conform to those authorized in the "Colorado Business Corporation Act", articles
101
to
117
of title
7
, and to make other amendments authorized by and not inconsistent with article
110
of title
7
. Proposed amendments shall be submitted to the members or, if the savings and loan association has permanent stock, to the stockholders of the association for their approval. Upon approval, proposed amendments shall be submitted to the commissioner, with a plan pursuant to subsection (2) of this section, for the commissioner's approval.
(2)
The amendments to a savings and loan association's articles of incorporation shall be accompanied by a plan for the cessation of the conduct of a savings and loan association in the state.
(3)
(a)
The commissioner shall approve a plan only if:
(I)
the commissioner determines that an association has paid or has made provision through an assumption agreement or otherwise for its known and unclaimed liabilities to its depositors and account holders;
(II)
The amended articles of incorporation delete the words "savings and loan association"; and
(III)
The amended articles of incorporation expressly prohibit the conduct of a savings and loan or banking business in Colorado by the corporation.
(b)
In approving a plan, the commissioner may impose terms and conditions as the commissioner deems necessary to protect the depositors, account holders, stockholders, members, and creditors of the savings and loan association.
(4)
Upon approval of a plan and the amendments to the articles of incorporation by the commissioner pursuant to this article and upon the filing of such amendments, along with the applicable filing fees with the secretary of state as provided by section
11-41-129 (4)
, a corporation shall continue in existence pursuant to the "Colorado Business Corporation Act", articles
101
to
117
of title
7
, C.R.S., but said corporation shall cease to be a savings and loan association or an association. The corporation's certificate of authority as a savings and loan association or an association shall automatically be canceled, without further action, and the corporation shall be deemed to be organized pursuant to the "Colorado Business Corporation Act", articles
101
to
117
of title
7
, C.R.S., and shall cease to be subject to the provisions of the "Savings and Loan Association Law", articles
40
to
46
of this title.
Amended by 2024 Ch. 350,§ 32, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 84: Entire section added, p. 380, § 8, effective May 11. L. 93: (1) and (4) amended, p. 861, § 29, effective 7/1/1994.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.