reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 47 - CEMETERY COMPANIES (§§ 7-47-101 — 7-47-109) › Section 7-47-104.5 - Reports

(1)
Each nonprofit cemetery corporation shall keep in its principal office and, upon reasonable request, shall make available for inspection and study to the owner of any grave space, niche, or crypt, or to a duly authorized representative of the owner, the following:
(a)
An annual written report setting forth the number of interments and entombments maintained by the nonprofit cemetery corporation, the number of interments and entombments for the preceding year, and any other facts necessary to show the actual financial condition of the nonprofit cemetery corporation;
(b)
A complete and current copy of any bylaws or articles of incorporation adopted by the board of directors;
(c)
A copy of the minutes of each meeting of the board of directors for the last three years;
(d)
A copy of each periodic report filed during the last three years with the Colorado secretary of state in accordance with section
7-90-501
;
(e)
A copy of internal revenue service form 990 reports, or any successor form or report, for the last three years; and
(f)
A copy of the corporation's current balance sheet, income statement, and cash-flow statement.
(2)
To comply with this section, the report must be attested to by the accountant, auditor, or other person preparing the report and verified by a vote of the board of directors.
(3)
Upon written request for a specific list of documents, the nonprofit cemetery shall provide to any owner of a lot, grave space, niche, or crypt electronic or physical copies of any reports required by this section. The nonprofit cemetery shall fulfill the request within seven days after receipt of the request and payment of a copying charge, if paper copies are required or requested, not to exceed twenty-five cents per physical copied page. The nonprofit cemetery shall not charge for electronic copies.
L. 2012: Entire section added, (HB 12-1068), ch. 229, p. 1008, § 2, effective August 8.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 47 - CEMETERY COMPANIES (§§ 7-47-101 — 7-47-109) › Section 7-47-105 - Rights of lot owners

(1)
If the grounds purchased or otherwise acquired for cemetery purposes have been previously used as a burial ground, those who are lot owners at the time of the purchase continue to own the lots and are members of the corporation.
(2)
An owner of a lot, grave space, niche, or crypt may attend any meeting of the board of directors. The board of directors shall provide reasonable notice of any board meeting to owners of a lot, grave space, niche, or crypt, who may not participate in meetings of the board of directors without permission of the chairperson.
L. 1887: p. 70, § 4. R.S. 08: § 1051. C.L. § 2434. CSA: C. 41, § 231. CRS 53: § 31-26-5. C.R.S. 1963: § 31-22-5. L. 2012: Entire section amended, (HB 12-1068), ch. 229, p. 1009, § 3, effective August 8.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 47 - CEMETERY COMPANIES (§§ 7-47-101 — 7-47-109) › Section 7-47-106 - Property exempt from taxes - attachment

All the property of such corporation used or owned for the purposes of this article shall be exempt from taxation, assessment, lien, attachment, and levy and sale upon execution, except for the purchase price of the property.
L. 1887: p. 71, § 5. R.S. 08: § 1052. C.L. § 2435. CSA: C. 41, § 232. CRS 53: § 31-26-6. L. 59: p. 532, § 7. C.R.S. 1963: § 31-22-6.
For mortuaries located in cemeteries, see § 12-135-201.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 47 - CEMETERY COMPANIES (§§ 7-47-101 — 7-47-109) › Section 7-47-107 - Property not exempt - when

The property of any corporation or association formed under the law of this state to establish and maintain a cemetery for the purposes of profit shall not be exempt from taxation, liens, or levy and sale until actually sold or disposed of for cemetery purposes; and when any block, lot, or parcel of land has been disposed of for cemetery purposes or burial sites for the dead, the same, with streets, walks, and avenues leading thereto, shall be exempt as provided by section
7-47-106
.
L. 1891: p. 58, § 1. R.S. 08: § 1053. C.L. § 2436. CSA: C. 41, § 233. CRS 53: § 31-26-7. C.R.S. 1963: § 31-22-7. L. 2003: Entire section amended, p. 2210, § 30, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 47 - CEMETERY COMPANIES (§§ 7-47-101 — 7-47-109) › Section 7-47-108 - Not applicable - when

The provisions of section
7-47-104
shall not apply to any association or corporation formed under the law of this state to maintain a cemetery for profit.
L. 1891: p. 58, § 1. R.S. 08: § 1054. C.L. § 2437. CSA: C. 41, § 234. CRS 53: § 31-26-8. C.R.S. 1963: § 31-22-8. L. 2003: Entire section amended, p. 2210, § 31, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-101 - Short title

This article shall be known and may be cited as the "Colorado Business Development Corporation Act".
L. 65: p. 447, § 1. C.R.S. 1963: § 31-23-1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-102 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Board of directors" means the board of directors of a corporation created under this article.
(2)
"Corporation" means a Colorado business development corporation created under the provisions of this article.
(3)
"Financial institution" means any bank, trust company, savings and loan association, public or private pension or retirement fund, insurance company or related corporation, partnership, foundation, or other institution engaged in lending or investing funds.
(4)
"Loan limit" for any member means the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this article.
(5)
"Member" means any financial institution which undertakes to lend money to a corporation created under this article, upon its call and in accordance with the provisions of this article.
Amended by 2013 Ch. 282,§ 23, eff. 7/1/2013.
L. 65: p. 447, § 1. C.R.S. 1963: § 31-23-2.L. 2013: (3) amended, (SB 13-154), ch. 282, p. 1469, § 23, effective July 1.
For additional definitions applicable to this article, see § 7-90-102.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-103 - Incorporation - applicability of "Colorado Business Corporation Act"

A business development corporation may be incorporated in this state pursuant to the provisions of article
102
of this title, and all the provisions of the "Colorado Business Corporation Act", articles
101
to
117
of this title, not in conflict with or inconsistent with the provisions of this article shall apply to such corporation except as otherwise provided in this article. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate and promote the business prosperity and economic welfare of this state and its citizens; to encourage and assist, through financial aid, advice, technical assistance, and other appropriate means, the location of new businesses and industries and the rehabilitation, improvement, and expansion of existing businesses and industries throughout the state; and, in furtherance of these purposes, to cooperate with the division of commerce and development of this state and with other organizations, public and private.
L. 65: p. 448, § 1. C.R.S. 1963: § 31-23-3. L. 93: Entire section amended, p. 856, § 10, effective 7/1/1994.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-104 - Domestic entity name

In addition to complying with part 6 of article
90
of this title, providing for entity names, each corporation created under this article shall have as part of its domestic entity name the words "Business Development".
L. 65: p. 448, § 1. C.R.S. 1963: § 31-23-4. L. 2003: Entire section amended, p. 2210, § 32, effective 7/1/2004. L. 2004: Entire section amended, p. 1403, § 14, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-105 - Approval of governor

The articles of incorporation shall not be filed by the secretary of state unless approved by the governor in writing. This approval shall not be given by the governor until the governor first has sought the advice of the division of commerce and development.
L. 65: p. 448, § 1. C.R.S. 1963: § 31-23-5. L. 2004: Entire section amended, p. 1404, § 15, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-106 - Restrictions on powers

(1)
The powers of a corporation shall be subject to the following restrictions:
(a)
It shall not approve any application for a loan until the applicant shall have shown that the applicant has applied to a financial institution that could lawfully lend the amount of money sought and that the financial institution has refused in writing to make the requested loan.
(b)
It shall not incur any secondary liability for the debts of others but may assume primary liability therefor.
(c)
It shall not give security for any loan made to it unless all loans to it are secured ratably in proportion to unpaid balances due.
L. 65: p. 449, § 1. C.R.S. 1963: § 31-23-6. L. 2004: (1)(a) amended, p. 1404, § 16, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-107 - Acquisition or disposition of securities and capital stock

Notwithstanding any other provision of law, any person, corporation, public utility, financial institution, or labor union may acquire, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, notes, debentures, securities, or other evidences of indebtedness or the shares of capital stock of a corporation created under this article; but the amount of capital stock which may be acquired by any member of such corporation shall not exceed ten percent of the loan limit of that member.
L. 65: p. 449, § 1. C.R.S. 1963: § 31-23-7.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-109 - Capital stock - stockholders and members

(1)
Each share of stock of a corporation shall have a par value of one hundred dollars and shall be issued for cash. No preferred stock shall be issued. At least one hundred thousand dollars shall be paid into the treasury for capital stock before the corporation shall be authorized to transact any business other than that which relates to its organization.
(2)
Each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each one thousand dollars of the authorized loan limit of such member as determined under section
7-48-108 (2)
.
(3)
The rights given by the "Colorado Business Corporation Act", articles
101
to
117
of this title, to stockholders to attend meetings and to receive notice thereof and exercise voting rights shall apply to members as well as to stockholders of a corporation created under this article. The voting rights of the members shall be the same as if they were a separate class of stockholders, and stockholders and members shall in all cases vote separately by classes. A quorum at a meeting shall require the presence in person or by proxy of a majority of the holders of the voting rights of each class.
L. 65: p. 451, § 1. C.R.S. 1963: § 31-23-9. L. 2003: (3) amended, p. 2210, § 33, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-110 - Directors

The business and affairs of a corporation shall be conducted by a board of directors. The number of directors shall be a multiple of three. Two-thirds of the directors shall be elected by the members and one-third shall be elected by the stockholders. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the stockholders shall be filled by the directors elected by the stockholders.
L. 65: p. 451, § 1. C.R.S. 1963: § 31-23-10.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-111 - Amendments to articles of incorporation

No amendment to the articles of incorporation shall be made which increases the obligation of a member to make loans to the corporation or which makes any change in the principal amount, interest rate, maturity date, or security or credit position of any outstanding loan made by a member to the corporation or which affects the right of a member to withdraw from membership or the voting rights of such member, without the consent of each member who would be affected by such amendment.
L. 65: p. 451, § 1. C.R.S. 1963: § 31-23-11.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-112 - Earned surplus

Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus is equal in value to one-half of the amount paid in on the capital stock then outstanding. If the amount of surplus so established becomes impaired, it shall be built up again to the required amount in the manner provided for its original accumulation.
L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-12.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-113 - Members to have rights of stockholders

The rights given to stockholders under the provisions of sections
7-102-106
,
7-103-104
,
7-110-203
, and
7-114-102
shall apply to members as well as to stockholders of a corporation created under this article.
L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-13. L. 93: Entire section amended, p. 856, § 11, effective 7/1/1994. L. 2004: Entire section amended, p. 1404, § 17, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-114 - Deposit of funds

No corporation formed under the provisions of this article shall at any time be authorized to receive money on deposit. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated.
L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-14. L. 2003: Entire section amended, p. 2210, § 34, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-115 - Books and records

A corporation shall keep, in addition to the books and records required by sections
7-116-101
and
7-116-102
, a record showing the names and addresses of all members of the corporation and the current status of loans made by each to the corporation. Members shall have the same rights with respect to such books and records as are given to stockholders by sections
7-116-101
to
7-116-106
.
L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-15. L. 93: Entire section amended, p. 856, § 12, effective 7/1/1994.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 48 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-48-101 — 7-48-116) › Section 7-48-116 - Credit of state not pledged

Under no circumstances is the credit of the state pledged in this article.
L. 65: p. 452, § 1. C.R.S. 1963: § 31-23-16.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-101 - Legislative declaration

(1)
The general assembly hereby finds and declares that:
(a)
There exists in both the urban and rural areas of the state a substantial quantity of older houses which, while still structurally sound and safe, are in danger of deteriorating due to the lack of available private investment capital which would help ensure their purchase or rehabilitation;
(b)
The purchase, repair, and restoration of such houses by interested persons will tend to stabilize the physical and social environment of the area in which such houses are located, preserve the economic base of the community of which they are a part, and help prevent the spread of blighted houses;
(c)
A need exists for assistance to individuals and families in securing financing to purchase or rehabilitate such housing; that such purpose can best be met by coordination and cooperation among private lenders and insurers with state and local governments; that such assistance can be provided by stimulating the flow of private investment capital into the financing of such houses by providing a program of mortgage lending and insurance specifically designed to provide loans or insurance to individuals or families who would otherwise qualify for mortgage loans in areas of newer housing; and that local governments can further stimulate the upgrading of endangered older houses by minimizing the problems associated with over-restrictive and narrowly-defined and administered building codes and inspection procedures.
(2)
It is further declared that a general law cannot be made applicable to the corporation authorized by this article because of the atypical and special nature of the corporation's powers, duties, privileges, rights, and liabilities.
L. 75: Entire article added, p. 264, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-102 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Corporation" means the Colorado older housing preservation corporation authorized to be created in this article.
(2)
"Eligible housing structure" or "eligible housing" means a structure occupied by the owner and used primarily for residential purposes, consisting of eight or less units, thirty years of age or older, and on land located in a recorded subdivision plat in which fifty percent or more of the residential housing structures are thirty years of age or older.
(3)
"Financial institution", "member institution", or "institution" means any bank, trust company, savings and loan association, credit union, public or private pension or retirement fund, insurance company or corporation related thereto, partnership, foundation, or any other financial institution authorized to invest in or make mortgage loans or to provide insurance for mortgage loans.
(4)
"Insured lender" or "lender" means any financial institution which makes a loan which is insured under this article.
(5)
"Mortgage" means a written instrument evidencing or creating a lien against real property for the purpose of providing security for the repayment of a debt. For the purposes of this article, the term includes a deed of trust.
Amended by 2013 Ch. 282,§ 25, eff. 7/1/2013.
L. 75: Entire article added, p. 265, § 1, effective June 29. L. 2013: (3) amended, (SB 13-154), ch. 282, p. 1470, § 25, effective July 1.
For additional definitions applicable to this article, see § 7-90-102.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-103 - Corporation authorized

A corporation, for the purposes enumerated in this article, may be incorporated upon approval of the governor and the state treasurer. The provisions of the "Colorado Business Corporation Act", articles
101
to
117
of this title, not in conflict with or inconsistent with the provisions of this article shall apply to such corporation. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate the flow of private investment capital for the purchase and rehabilitation of eligible housing; to encourage and assist through financial aid, advice, technical assistance, and other appropriate means the improvement of existing housing throughout the state; and, in furtherance of these purposes, to cooperate with the division of housing of the department of local affairs and the Colorado housing and finance authority and with other organizations, public and private.
L. 75: Entire article added, p. 265, § 1, effective June 29. L. 87: Entire section amended, p. 1196, § 15, effective May 20. L. 93: Entire section amended, p. 856, § 13, effective 7/1/1994.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-104 - Corporate name

The corporation shall be called the Colorado older housing preservation corporation.
L. 75: Entire article added, p. 265, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-105 - Approval of governor and state treasurer

The articles of incorporation shall not be delivered to the secretary of state, for filing pursuant to part 3 of article
90
of this title, unless the governor and the state treasurer have approved in writing the method for selection of public members of the board of directors and the creation of the corporation.
L. 75: Entire article added, p. 266, § 1, effective June 29. L. 2002: Entire section amended, p. 1812, § 9, effective July 1; entire section amended, p. 1676, § 7, effective October 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-106 - Election of board of directors

(1)
The business and affairs of the corporation shall be conducted by a board of directors comprised of:
(a)
Four members elected by a vote of the eight participating financial institutions who have made or committed the largest contributions to the loan and insurance funds provided for in sections
7-49-108
and
7-49-109
; and
(b)
Two members elected by the remaining participating financial institutions; and
(c)
Three members, elected under procedures established in the articles of incorporation at the time of incorporation and approved by the governor and state treasurer, representing the general public; and
(d)
The executive director of the department of local affairs or the executive director's designee, the chairperson of the banking board, the commissioner of insurance, the executive director of the Colorado housing and finance authority, and the state treasurer, who shall serve as ex officio voting members of the board of directors.
(2)
Except for the ex officio members, the terms of office for each member shall be four years; except that, at the time of incorporation, a majority of the members of the initial board shall be elected for four-year terms and the remainder for two-year terms. Any vacancy shall be filled in the same manner as the original election but shall be for the unexpired term.
L. 75: Entire article added, p. 266, § 1, effective June 29. L. 87: (1)(d) amended, p. 1196, § 16, effective May 20. L. 88: (1)(d) amended, p. 417, § 8, effective April 11. L. 2004: (1)(d) amended, p. 1404, § 18, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-107 - Restrictions on powers

(1)
The powers of the corporation shall be subject to the following restrictions:
(a)
It shall not approve any application for a loan until the applicant has shown that the applicant has applied to two or more financial institutions that could lawfully lend the amount of money sought and that the financial institutions have refused in writing to make the requested loan or would only make such loan under conditions substantially different from the prevailing rates and conditions available to persons borrowing for the purchase or remodeling of newer homes;
(b)
It shall not give security for any loan made unless all loans are secured ratably in proportion to unpaid balances due.
(2)
Nothing in this article shall be construed to empower the board of directors to adopt rules or regulations that are inconsistent with federal law governing financial institutions or any federal rules or regulations promulgated pursuant to such federal law.
L. 75: Entire article added, p. 266, § 1, effective June 29. L. 2003: (2) amended, p. 2210, § 35, effective 7/1/2004. L. 2004: (1)(a) amended, p. 1404, § 19, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-109 - Loan insurance fund established

(1)
The articles of incorporation shall include provisions for the establishment of a loan insurance fund as follows:
(a)
At the time of incorporation, and prior to initiating any loans under section
7-49-108
, the corporation may call upon each member institution to contribute to the loan insurance fund. The contribution of each institution shall not exceed two-one hundredths of one percent of its assets, unless a greater amount is contributed voluntarily by a member institution or unless a greater amount is stated at the time of incorporation. The corporation may call for contributions to the loan insurance fund only as needed to meet its insurance obligations on loans insured under this article that are in default and for the purpose of maintaining a fund of cash in the loan insurance fund of five hundred thousand dollars. Calls for contributions shall be made upon each of the member institutions in an amount that bears, at the date of the call, the same proportion to the loan insurance fund as such institution's assets bear to the total assets owned by the institutions.
(b)
The loan insurance fund may be maintained by mortgage insurance fees not to exceed one-half of one percent above the rate charged for the mortgage or rehabilitation loan.
(2)
In the alternative, mortgage insurance may also be provided under the provisions of section
10-4-106
, C.R.S.
L. 75: Entire article added, p. 267, § 1, effective June 29. L. 2003: (1)(a) amended, p. 2211, § 36, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-110 - Mortgage loans eligible for insurance

(1)
Fund insurance may be made available under the following conditions:
(a)
Fund insurance is applicable to loans originated by mortgagees approved by the corporation.
(b)
Mortgage loans must be a first lien against subject property.
(c)
Mortgage loans involving leaseholds must have a remaining lease term of not less than the mortgage term plus ten years.
(d)
Mortgage loans on one- to eight-family properties are eligible only if owner-occupied.
(e)
All mortgage loans shall bear interest at the rate agreed upon by the mortgagor and the corporation if the loan is made directly from funds held by the corporation and transferred to a participating lender, or by the mortgagor and the lending institution if the loan is made by the institution on call from the corporation.
(f)
No mortgage loan shall be insured for a term in excess of forty years.
(g)
The mortgage loan must contain amortization provisions satisfactory to the corporation for the complete amortization of the loan in monthly installments. Generally, the sum of principal and interest payments shall be substantially the same from month to month; however, special amortization programs involving increasing or decreasing monthly payments may be considered for insurance by the corporation.
(h)
Mortgage loans submitted for insurance consideration to the corporation must conform to the exhibits, documentation, and eligibility criteria as required under the loan insurance program for which approval is being requested. The corporation may establish, from time to time, the maximum interest rate and term of the loan which it will permit as to any loan it will insure.
L. 75: Entire article added, p. 268, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-111 - Percentage of insurance

(1)
The corporation may insure:
(a)
Up to one hundred percent of the unpaid principal amount of loans for the purpose of purchasing, rehabilitating, or repairing eligible housing;
(b)
Up to thirty percent of the original principal amount of refinancing loans, if the funds in excess of those required to discharge existing mortgages are used for rehabilitation of all dwelling units in structures refinanced and for no other purpose; and
(c)
Up to thirty percent of the original principal amount of acquisition loans, if the insured loan together with other resources of the borrower is sufficient to acquire the property and to complete rehabilitation in accordance with the standards of this article. When the borrower of such an insured loan has repaid to the lender thirty percent of the original principal balance, the loan shall cease to be insured, and thereafter the borrower shall no longer be required to make mortgage insurance payments to the corporation.
L. 75: Entire article added, p. 268, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-112 - Processing loans for insurance

(1)
Insurance on a loan qualifying for mortgage insurance under this article shall be in effect as of the date on which the lender has made a report to the corporation which shall document:
(a)
The estimated cost of the rehabilitation work to be done;
(b)
In the case of a refinancing loan or acquisition loan, that such loan shall not exceed one hundred percent of the fair market value of the property to be refinanced or acquired after rehabilitation work has been completed;
(c)
That the estimated useful life of the housing accommodation, after rehabilitation, in the case of a rehabilitation loan, is greater than the term of the insurable mortgage;
(d)
That the housing facility after purchase or rehabilitation will not contain any substantial violation of housing, building, or sanitary codes which would make the housing so unsafe that it presents a danger to the occupants or the public health or safety.
L. 75: Entire article added, p. 269, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-113 - Eligible properties

(1)
Property which is the subject of mortgage insurance or a mortgage or rehabilitation loan must:
(a)
Meet the provisions of section
7-49-102(2)
;
(b)
Be located in this state;
(c)
Be primarily residential in nature and use.
(2)
If the housing facility includes three or more units, the corporation or lending institution may require appraisal as an investment and include an income and operating statement. Approval may also be subject to satisfactory leases.
L. 75: Entire article added, p. 269, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-114 - Working capital fund

(1)
The corporation shall, at the time of incorporation, establish a general fund, referred to in this article as the "working capital fund", and shall pay into such working capital fund any other moneys which may be available to the corporation for its general purposes from any source.
(2)
All moneys held in the working capital fund, including, without limitation, any cash funds transferred directly to the corporation and any income or interest earned by or increment to such fund, shall be used by the corporation for its general purposes, and, to the extent authorized by it, any such moneys in excess of the amount required to make and keep the corporation self-supporting and to repay loans from member institutions shall be made available for the purposes of loans or for the loan insurance fund.
L. 75: Entire article added, p. 269, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-115 - Division of housing - assistance

(1)
The division of housing of the department of local affairs is hereby authorized to assist individuals and the corporation as to:
(a)
The nature, extent, and manner of repairs, remodeling, or rehabilitation financed under this article and the nature, extent, and manner of repairs required to ensure that the dwelling structure will not be structurally unsound and unsafe after such work is completed;
(b)
The manner, method, or mode by which the mortgage recipient could undertake all or any portion of the work; and
(c)
The progress of the work, including technical assistance regarding the quality of such work.
(2)
The corporation may establish rules and regulations providing a schedule of the amount or percentage of the cost or any technical assistance provided by a lender or which may be done under contract to the division of housing of the department of local affairs or by a private firm. Said amount may be included in the loan; except that the total amount to be charged shall not exceed one-half of one percent of the total amount of a loan to finance repair or rehabilitation work only or one-half of one percent of the cost of the repair or rehabilitation work to be undertaken in conjunction with the refinancing of an existing mortgage or the financing of the acquisition of a housing facility.
L. 75: Entire article added, p. 270, § 1, effective June 29. L. 2004: (1)(b) amended, p. 1405, § 20, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-116 - Nonliability of state for mortgage insurance commitments

This state shall not be liable for mortgage insurance commitments of the fund beyond the reserves and fee revenues of the fund. The mortgage insurance commitments issued on the fund shall contain a statement to that effect.
L. 75: Entire article added, p. 270, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-117 - Deposit of funds

The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated.
L. 75: Entire article added, p. 270, § 1, effective June 29.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49 - OLDER HOUSING (§§ 7-49-101 — 7-49-118) › Section 7-49-118 - Books and records

In addition to the books and records required by sections
7-116-101
to
7-116-105
, the corporation shall keep a record showing the names and addresses of all members of the corporation and the current status of loans made by each to the corporation. Members shall have the same rights with respect to such books and records as are given to stockholders by sections
7-116-101
to
7-116-106
.
L. 75: Entire article added, p. 270, § 1, effective June 29. L. 93: Entire section amended, p. 857, § 14, effective 7/1/1994.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-101 - Short title

This article shall be known and may be cited as the "Colorado Foreign-trade Zones Act".
L. 80: Entire article added, p. 447, § 1, effective March 26.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-102 - Legislative declaration

The general assembly hereby finds and declares that it is in the best interests of the state of Colorado to maintain this state's economic and commercial viability in the world of national and international commerce by providing incentives to encourage growth in existing industries and to attract new industry. To that end, foreign-trade zones are established, operated, and maintained pursuant to a grant of privilege from the foreign-trade zones board upon proper application in accordance with the "Foreign-trade Zones Act of 1934",
19 U.S.C. sec. 81
. This article is enacted to allow designated corporations, including the city and county of Denver, to make application for such grant of the privilege to establish such a foreign-trade zone in Colorado.
L. 80: Entire article added, p. 447, § 1, effective March 26.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-103 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Act" means the congressional act commonly known as the "Foreign-trade Zones Act of 1934",
19 U.S.C. sec. 81
.
(2)
"Corporation" means a public corporation or a private corporation.
(3)
"Foreign merchandise" means merchandise of any class that would be subject to United States customs law if and when entered into United States customs territory.
(4)
"Foreign-trade zone" means a foreign-trade zone established under a grant of privilege from the foreign-trade zones board, as defined in the act, and includes foreign-trade subzones as designated by the United States department of commerce.
(5)
"Private corporation" means any corporation (other than a public corporation) formed for the purpose of establishing, operating, and maintaining a foreign-trade zone in the state of Colorado under this article, in accordance with the act.
(6)
"Public corporation" means the state of Colorado, any political subdivision, municipality, or city and county thereof, any public agency of the state of Colorado, any political subdivision, municipality, or city and county thereof, or any corporate municipal instrumentality of the state of Colorado or of the state of Colorado and one or more other states.
L. 80: Entire article added, p. 447, § 1, effective March 26. L. 2003: (3) and (5) amended, p. 2211, § 37, effective 7/1/2004.
For additional definitions applicable to this article, see § 7-90-102 .
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-104 - Foreign-trade zone - authority to establish, operate, and maintain

Any corporation may apply for a grant of the privilege to establish, operate, and maintain a foreign-trade zone. If such grant of privilege is made, such corporation may accept the grant and do all things necessary and proper in furtherance of the establishment, operation, and maintenance of the foreign-trade zone. Any action taken under this section shall be in accordance with the act and any rules and regulations as may be promulgated thereunder.
L. 80: Entire article added, p. 448, § 1, effective March 26.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-105 - Foreign-trade zone - site

Any corporation making an application for a grant of the privilege to establish, operate, and maintain a foreign-trade zone may select and describe the site of such foreign-trade zone in accordance with the act and rules and regulations promulgated thereunder.
L. 80: Entire article added, p. 448, § 1, effective March 26.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-106 - Taxation of merchandise

Freeport merchandise and stocks of merchandise as defined in section
39-1-102 (15)
, C.R.S., brought as foreign merchandise into a foreign-trade zone, established pursuant to a grant of privilege under this article, are exempt from taxation by the state of Colorado or any political subdivision thereof to the extent that such taxation is inhibited by provisions of the United States constitution or law enacted thereunder pertaining to goods in international commerce.
L. 80: Entire article added, p. 448, § 1, March 26. L. 83: Entire section amended, p. 1487, § 2, effective June 1. L. 2003: Entire section amended, p. 2211, § 38, effective 7/1/2004.
Section 39-1-102 (15), which defined "stocks of merchandise", was repealed by section 11 of chapter 425, Session Laws of Colorado 1983.
For exemption from property tax of inventories of merchandise and materials and supplies that are held for consumption by a business or are held primarily for sale, see § 39-3-119 .
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS (§§ 7-1-101 — 7-52-106) › SPECIAL PURPOSE CORPORATIONS (§§ 7-40-101 — 7-49.5-107) › Article 49.5 - FOREIGN-TRADE ZONES (§§ 7-49.5-101 — 7-49.5-107) › Section 7-49.5-107 - Severability

If any provision of this article or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the article which can be given effect without the invalid provision or application, and to this end the provisions of this article are declared to be severable.
L. 80: Entire article added, p. 448, § 1, effective March 26.