reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 5 - DIRECTORS AND OFFICERS (§§ 11-103-501 — 11-103-503) › Section 11-103-503 - Waiver of notice - meeting or vote

(1)
When a notice is required to be given to directors under this code, or the charter or bylaws of any state bank, a waiver thereof in writing, signed by the person entitled to said notice, either before or after the time stated therein, shall be deemed equivalent thereto.
(2)
If the vote of directors at a meeting thereof is required or permitted to be taken in connection with any corporate action by any section of this code, the meeting and vote of directors may be dispensed with, if all of the directors who would have been entitled to vote upon the action if such meeting were held consent in writing to such corporate action being taken.
(3)
In the event that the action that is consented to is such as would have required the filing of a certificate under any of the other sections of this code if such action had been voted upon by the directors at a meeting thereof, the certificate filed under such other section shall state that written consent has been given under this section.
L. 2003: Entire article added with relocations, p. 1093, § 3, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 6 - INDEMNIFICATION AND INSURANCE (§§ 11-103-601 — 11-103-603) › Section 11-103-601 - Director and officer insurance and fidelity bonds - legislative declaration

(1)
The directors of a state bank shall require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the result of any dishonest, fraudulent, or criminal conduct by them acting independently or in collusion or combination with any person. Such bonds may be in individual, schedule, or blanket form, and the premiums therefor shall be paid by the bank.
(2)
The said directors shall also require suitable insurance protection to the bank against burglary, robbery, theft, and other insurable hazard to which the bank may be exposed in the operations of its business on the premises or elsewhere.
(3)
The directors shall be responsible for prescribing, at least once in each calendar year, the amount or penal sum of the bonds and policies specified in this section and the sureties or underwriters thereon after giving due and careful consideration to all known elements and factors constituting such risk or hazard. Such action shall be recorded in the minutes of the board of directors.
(4)
(a)
The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in this code, including the provisions of section
11-101-102
:
(I)
Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, that provides insurance coverage to directors or officers, or both, of a bank but that does not grant coverage or that excludes coverage for claims made by any depository insurance organization or any other state or federal corporation, organization, or entity acting as receiver, conservator, or liquidator of such bank, whether in its own name or on behalf of any other person or entity; or
(II)
Any fidelity bond, financial institution bond, or depository institution bond in effect or issued on or after April 30, 1993, that provides for termination of such bond upon the taking over of the bank by a receiver or other liquidator or by state or federal officials.
(b)
No provision of part 8 of this article shall be construed to contravene or modify the expressed public policy set forth in this subsection (4).
L. 2003: Entire article added with relocations, p. 1094, § 3, effective July 1.
This section is similar to former § 11-3-120 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 6 - INDEMNIFICATION AND INSURANCE (§§ 11-103-601 — 11-103-603) › Section 11-103-602 - Indemnification and personal liability of directors, officers, employees, and agents

A state bank has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article
109
of title
7
. State bank directors, officers, employees, and agents have the same rights as directors, officers, employees, and agents, respectively, of corporations for profit as set forth in article
109
of title
7
. State bank directors and officers have the benefit of the same limitations on personal liability for any injury to person or property arising out of a tort as set forth in section
7-108-403
, for directors and officers, respectively, of corporations for profit. Any reference in said sections to shareholders shall be construed to refer to stockholders for the purposes of this section.
Amended by 2019 Ch. 166,§ 69, eff. 7/1/2020.
L. 2003: Entire article added with relocations, p. 1095, § 3, effective July 1.
This section is similar to former § 11-3-121 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 6 - INDEMNIFICATION AND INSURANCE (§§ 11-103-601 — 11-103-603) › Section 11-103-603 - Deposit insurance - membership in federal reserve system - federal national mortgage association

(1)
A state bank is authorized to do any act necessary to obtain insurance of its deposits by the United States or any agency thereof and to acquire and hold membership in the federal reserve system or to take advantage of any other act or resolution of congress that may be enacted to aid, regulate, or safeguard state banks and their depositors, including any amendments of the same or any substitutions thereof. It may also subscribe for and acquire any stock, debentures, bonds, or other types of securities of the federal deposit insurance corporation and comply with the lawful regulations and requirements from time to time issued or made by such corporation.
(2)
A state bank that is a member of the federal reserve system, or of the federal deposit insurance corporation, or of both may make payments to the federal national mortgage association, a constituent agency of the national housing and home finance agency, of nonrefundable capital contributions, receive stock evidencing such capital contributions and hold and dispose thereof, contract with said association, and incur the expenses and otherwise comply with the then lawful regulations and requirements issued by said association from time to time to the extent a national bank in like circumstances is authorized by any act or resolution by the United States congress or by any lawful rule issued pursuant thereto.
L. 2003: Entire article added with relocations, p. 1095, § 3, effective July 1.
This section is similar to former § 11-3-122 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-701 - Merger or conversion

(1)
Upon approval of the banking board, banks may be merged with, or converted into, a resulting state bank as prescribed in this article; except that the action by a constituent national bank shall be taken in the manner prescribed by, and is subject to, any limitation or requirements imposed by any law of the United States, which law also governs the rights of its dissenting shareholders. Further, the action by a constituent bank chartered in another state shall be taken in the manner prescribed by, and is subject to, any limitation or requirements imposed by any law of the chartering state, which law also governs the rights of its dissenting shareholders.
(2)
Nothing in the law of this state restricts the right of a state bank to merge with, or convert into, a resulting national bank or bank chartered by another state. The action to be taken by a constituent state bank and its rights and liabilities and those of its shareholders are the same as those prescribed for national banks at the time of the action by the applicable laws of the United States or the other chartering state and not by the law of this state.
Amended by 2013 Ch. 282,§ 7, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1095, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1464, § 7, effective July 1.
This section is similar to former § 11-4-102 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-702 - Approval of merger by directors

(1)
Where there is to be a resulting state bank, the board of directors of each constituent state bank shall, by a majority of the entire board, approve a merger agreement, which agreement shall contain:
(a)
The name of each constituent bank and the location of each office;
(b)
With respect to the resulting bank, the name and the location of each proposed office; the name and residence of each director to serve until the next annual meeting of the stockholders; the name and residence of each officer; the amount of capital, the number of shares, and the par value of each share; whether preferred stock is to be issued and the amount, terms, and preferences; the amendments to the charter and bylaws;
(c)
The terms for the exchange of shares of the constituent banks for those of the resulting bank;
(d)
A statement that the agreement is subject to approval by the banking board and by the stockholders of each constituent bank;
(e)
Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting shareholders of constituent banks;
(f)
Such other provisions as the banking board requires to enable it to discharge its duties with respect to the merger.
L. 2003: Entire article added with relocations, p. 1096, § 3, effective July 1.
This section is similar to former § 11-4-103 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-703 - Approval by banking board

(1)
After approval by the board of directors of each constituent bank, the merger agreement shall be submitted to the banking board for approval, together with certified copies of the authorizing resolutions of the several boards of directors showing approval by a majority of the entire board and evidence of proper action by the board of directors of any constituent national bank or bank chartered by another state.
(2)
Without approval by the banking board, no asset shall be carried on the books of the resulting bank at a valuation higher than that on the books of the constituent bank at the time of the last examination by a state or national bank examiner before the effective date of the merger.
(3)
Within thirty days after receipt by the banking board of the papers specified in subsection (1) of this section, the banking board shall approve or disapprove the merger agreement. The banking board shall approve the agreement if it appears that:
(a)
The resulting state bank meets all the requirements of state law as to the formation of a new state bank or conversion of an existing bank;
(b)
The agreement provides for adequate capital as established by the banking board in its rules;
(c)
The agreement is fair;
(d)
The merger is not contrary to the public interest.
(4)
If the banking board disapproves an agreement, it shall state its objections and give an opportunity to the constituent banks to amend the merger agreement to obviate such objection.
(5)
Where the resulting state bank is not to exercise trust powers, the banking board shall not approve a merger until satisfied that adequate provision has been made for successors to fiduciary positions held by constituent banks.
Amended by 2013 Ch. 282,§ 8, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1096, § 3, effective July 1. L. 2013: (1) and (3)(a) amended, (SB 13-154), ch. 282, p. 1464, § 8, effective July 1.
This section is similar to former § 11-4-104 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-704 - Approval by stockholders - rights of dissenters

(1)
To be effective, a merger must be approved by the stockholders of each constituent state bank by a vote of two-thirds of the outstanding voting stock, at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting state bank, including the amendments set forth in the merger agreement.
(2)
The notice of the meeting of stockholders shall state that dissenting stockholders will be entitled to payment of the value of only those shares that are voted against the approval of the plan.
(3)
The owners of shares that were voted against the approval of the merger shall be entitled to receive their value in cash, if and when the merger becomes effective, upon written demand made to the resulting state bank at any time within thirty days after the effective date of the merger, accompanied by the surrender of the stock certificates. The value of such shares shall be determined as of the date of the shareholders' meeting approving the merger by three appraisers, one to be selected by the owners of two-thirds of the dissenting shares involved, one by the board of directors of the resulting state bank, and the third by the two so chosen. The valuation agreed upon by any two appraisers shall govern. If the appraisal is not completed within ninety days after the merger becomes effective, the commissioner shall cause an appraisal to be made.
(4)
The expenses of appraisal shall be paid by the resulting state bank.
(5)
The resulting state bank may fix an amount that it considers to be not more than the fair market value of the shares of a constituent bank at the time of the stockholders' meeting approving the merger, which it will pay dissenting shareholders of that constituent bank entitled to payment in cash. The amount due under such accepted offer or under the appraisal shall constitute a debt of the resulting state bank.
L. 2003: Entire article added with relocations, p. 1097, § 3, effective July 1.
This section is similar to former § 11-4-105 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-705 - Effective date of merger - certificate

(1)
Unless a later date is specified in the agreement, a merger becomes effective upon the approval by the banking board of the executed agreement, together with copies of the resolutions of the stockholders of each constituent bank approving it, certified by the bank's president or a vice-president and a secretary. The charters of the constituent banks, other than the resulting bank, shall thereupon be deemed surrendered.
(2)
After approval of the agreement, the banking board shall issue to the resulting bank a certificate of merger, setting forth the name of each constituent bank and the name of the resulting state bank. The certificate is conclusive evidence of the merger and of the correctness of all proceedings for the merger in all courts and places and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the constituent banks is held.
Amended by 2013 Ch. 282,§ 45, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1097, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1481, § 45, effective July 1.
This section is similar to former § 11-4-106 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-706 - Continuation of corporate entity

(1)
The resulting state bank shall be considered the same business and corporate entity as each constituent bank with all of the rights, powers, and duties of each constituent bank, except as limited by the charter and bylaws of the resulting state bank.
(2)
The resulting state bank has the right to use the name of any constituent bank whenever it can do any act under such name more conveniently.
(3)
Any reference to any constituent bank in any writing, whether executed or taking effect before or after the merger, shall be deemed a reference to the resulting state bank if not inconsistent with the other provisions of such writing.
L. 2003: Entire article added with relocations, p. 1098, § 3, effective July 1.
This section is similar to former § 11-4-107 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-707 - Conversion from state bank to national and vice versa

(1)
Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and, upon completion of such conversion, it shall surrender its charter as a state bank.
(2)
The board shall grant a state charter to a national bank located in this state that follows the procedure prescribed by federal law to convert into a state bank if it meets the requirements established by the banking board in its rules. Any requirement that shares must be paid in cash may be satisfied by the exchange of shares of the converted state bank for those of the converting national bank, which may be valued at no more than their fair cash market value. The procedure for incorporation of a state bank may be modified to the extent made necessary by the difference between an ordinary incorporation and a conversion as established by the banking board in its rules. The converting bank shall cause to be published a notice of the conversion once a week for three successive weeks in a newspaper of general circulation in the county in which the converting bank has its principal office. The converting bank shall file proof of the publication with the division.
(3)
The converted bank shall be considered the same business and corporate entity as the converting bank with all of the rights, powers, and duties of the converting bank except as limited by the charter and bylaws of the resulting bank. It may use the name of the converting bank whenever it can do any act under such name more conveniently.
(4)
Any reference to the converting bank in any writing, whether executed or taking effect before or after the conversion, shall be deemed a reference to the converted bank if not inconsistent with the other provisions of such writing.
Amended by 2013 Ch. 282,§ 46, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1098, § 3, effective July 1. L. 2013: (2) amended, (SB 13-154), ch. 282, p. 1481, § 46, effective July 1.
This section is similar to former § 11-4-108 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-708 - Nonconforming assets

If a constituent bank has assets that do not conform to the requirements of state law for the resulting bank, or if a converting national bank has assets that do not conform to the requirements of a state law for the converted state bank, or if, in either case, there are business activities that are not permitted for the resulting or converted state bank, the banking board may permit a reasonable time to conform with state law.
L. 2003: Entire article added with relocations, p. 1098, § 3, effective July 1.
This section is similar to former § 11-4-109 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 7 - MERGER, CONSOLIDATION, CONVERSION, AND SALE OF ASSETS (§§ 11-103-701 — 11-103-709) › Section 11-103-709 - Sale of all assets of bank, branch, or department

(1)
Any state bank may sell to any other bank all, or substantially all, of the selling bank's assets and business, or all, or substantially all, of the assets and business of any department or branch of the selling bank.
(2)
Any state bank may, upon assuming the liabilities relating thereto, purchase all, or substantially all, of the assets and business of another bank, or all, or substantially all, of the assets and business of any department or branch of another bank.
(3)
The agreement of purchase and sale shall be authorized and approved by the banking board and by the vote of a majority of the stockholders of the purchasing and selling banks at meetings called for the purpose in like manner as meetings to approve mergers are called, and filed with the commissioner, accompanied by evidence of such stockholders' approval in like manner as agreements of merger are filed. After such approval is given by the stockholders, a notice of such sale shall be published once a week for three successive weeks in a newspaper of general circulation in the county in which the selling bank has its principal office. Proof of such publication shall be filed with the division.
(4)
Notwithstanding any term of the agreement, or of his or her contract of deposit, any depositor whose business is thus sold has the right, upon payment of any indebtedness owing by the depositor to the bank, to withdraw his or her deposit in full on demand after such sale unless, by dealing with the purchasing bank with knowledge of the purchase, the depositor ratifies the transfer.
(5)
The agreement of sale may provide for the transfer to the purchasing bank of all fiduciary positions held by the selling bank pursuant to section
11-106-105
.
(6)
No right against, or obligation of, the selling bank, in respect of the assets or business sold, shall be released or impaired by the sale until one year from the last date of publication of the notice, pursuant to subsection (3) of this section, but, after the expiration of such year, no action shall be brought against the selling bank on account of any deposit, obligation, trust, or asset transferred to or liability assumed by the purchasing bank.
Amended by 2013 Ch. 282,§ 9, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1099, § 3, effective July 1. L. 2013: (1) and (2) amended, (SB 13-154), ch. 282, p. 1465, § 9, effective July 1.
This section is similar to former § 11-4-110 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-803 - Reorganization plan

(1)
A plan of reorganization shall not be prescribed under this code unless:
(a)
The plan is feasible and fair to all classes of depositors, creditors, and stockholders;
(b)
The aggregate face amount of the interest accorded to any class of depositors, creditors, or stockholders under the plan does not exceed the value of the assets upon liquidation, less the full amount of the claims of all prior classes, subject to any fair adjustment for new capital that any class will pay in under the plan;
(c)
The plan provides for the issuance of capital stock and, if necessary, debentures and other securities and instruments in an amount that will comply with the rules promulgated by the banking board;
(d)
Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interests of the respective classes that will be produced by the exchange;
(e)
The plan assures the removal of any director, officer, or employee responsible for any unsound or unlawful action or the existence of an unsound condition;
(f)
Any merger or consolidation provided by the plan conforms to the requirements of this code.
(2)
If, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner, upon approval of the banking board, may modify the plan or liquidate the institution. Any such action shall be taken by order of the banking board upon appropriate notice.
L. 2003: Entire article added with relocations, p. 1103, § 3, effective July 1.
This section is similar to former § 11-5-103 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-806 - Assets sold or pledged as security

(1)
With respect to any banking institution closed on account of inability to meet the demands of its depositors or by action of the banking board or by action of its directors or in the event of its capital inadequacy or suspension, the liquidator of such institution may borrow from the federal deposit insurance corporation and furnish any part or all of the assets of said institution to said corporation as security for a loan from same, but, if said corporation is acting as such liquidator, the order of a court of record of competent jurisdiction shall be first obtained approving such loan. Upon the order of a court of record of competent jurisdiction, all or any part of the assets of such institution may be sold.
(2)
The provisions of this section shall not be construed to limit the power of any banking institution, the commissioner, or the liquidators to pledge or sell assets in accordance with any existing law.
L. 2003: Entire article added with relocations, p. 1107, § 3, effective July 1.
This section is similar to former § 11-5-106 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-807 - Enforcement of directors' liability

Among its other powers, the federal deposit insurance corporation, in the performance of its powers and duties as such liquidator, has the right and power, upon the order of a court of record of competent jurisdiction, to enforce the individual liability of the directors of any such banking institution.
L. 2003: Entire article added with relocations, p. 1108, § 3, effective July 1.
This section is similar to former § 11-5-107 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-808 - Emergency grant of new charter

In addition to powers regarding liquidation or reorganization, the banking board may, in the interest of protecting the public and the depositors of a closed state bank or national banking association with its principal office in this state, issue a new bank charter to qualified individuals for the same location as the closed bank, contingent upon the new bank assuming full liability for such deposits of the closed bank as may be transferred to it. Under such conditions, a new charter may be issued summarily without the publication of notice, without the holding of a public hearing, and without complying with any of the other provisions and procedures specified in this code.
L. 2003: Entire article added with relocations, p. 1108, § 3, effective July 1.
This section is similar to former § 11-5-108 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-809 - Emergency grant of branch facility - legislative declaration

(1)
The general assembly hereby finds, determines, and declares that the economy of this state and its communities and the public interest will be better served by permitting financial institutions, as defined in section
11-101-401(35)
, to operate at the same location as a closed bank.
(2)
(a)
In addition to powers regarding liquidation or reorganization, the banking board, in the interest of protecting the public and the depositors of a closed bank or national banking association with its principal place of business in this state, may issue an emergency grant of authority to another financial institution, which financial institution has acquired assets and liabilities of the closed bank, to operate a branch facility at the same location as the closed bank, or within a one-half mile radius of the location of the nearest point on the boundary of the premises of the closed bank's place of business, contingent upon the bank assuming full liability for the deposits of the closed bank as may be transferred to it. Such branch facility shall not be located at any other location if the other location is within three hundred feet of the boundary of the premises of another bank unless the other bank consents to a closer location.
(b)
Under such conditions, the authority to operate the branch facility may be issued summarily without the publication of notice, without the holding of a public hearing, and without complying with any of the other provisions and procedures specified in this code.
(3)
No financial institution may hold, acquire, control, or operate more than two branch facilities pursuant to this section; however, if the banking board determines that, because of this limitation, no qualified financial institution can bid on the assets and liabilities of the closed bank, the banking board may authorize and issue such an emergency grant to another financial institution, in excess of such limit, but in no event more than two additional branch facilities.
(4)
Notwithstanding any other provision of this section, a branch facility operated pursuant to this section on or before August 1, 1991, may continue to operate in perpetuity as a branch without being subject to any percentage limitation on branches as set forth in section
11-105-602
.
Amended by 2013 Ch. 282,§ 14, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1108, § 3, effective July 1. L. 2013: (2)(a) amended, (SB 13-154), ch. 282, p. 1466, § 14, effective July 1.
This section is similar to former § 11-5-109 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 8 - LIQUIDATION, DISSOLUTION, AND REORGANIZATION (§§ 11-103-801 — 11-103-810) › Section 11-103-810 - Preapproved shelf charter

The board may preapprove a shelf charter for a new bank to qualified individuals, contingent upon the new bank completing all specified requirements and purchasing the assets and assuming the liabilities of a bank in receivership as the federal deposit insurance corporation may determine, if the proposed bank has its principal place of business in Colorado and has assets and liabilities held in receivership by the federal deposit insurance corporation. The shelf charter may be preapproved and summarily issued without publication of a notice, without the holding of a public hearing, and without complying with all of the other provisions and procedures specified in this code. Upon federal deposit insurance corporation approval of the purchase and assumption by the new bank, the final charter approval may be granted, together with final approval of deposit insurance by the federal deposit insurance corporation. If the bid is not accepted by the federal deposit insurance corporation, the charter remains on the shelf for up to eighteen months. During that time, the charter may be used for other bids.
L. 2009: Entire section added, (HB 09-1053), ch. 159, p. 688, §4, effective August 5.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 104 - HOLDING COMPANIES (§§ 11-104-101 — 11-104-203) › Part 1 - HOLDING COMPANIES GENERALLY (§ 11-104-101) › Section 11-104-101 - Prohibition on acquisition or control - limited service banking institutions

Notwithstanding any other provision of law, no bank holding company or other company may acquire or control any banking institution located in this state that does not both accept deposits that the depositor has a legal right to withdraw on demand and engage in the business of making commercial loans.
L. 2003: Entire article added with relocations, p. 1109, § 3, effective July 1.
This section is similar to former § 11-6.3-101 (2) as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 104 - HOLDING COMPANIES (§§ 11-104-101 — 11-104-203) › Part 2 - ACQUISITION OF CONTROL OF BANKS AND BANK HOLDING COMPANIES (§§ 11-104-201 — 11-104-203) › Section 11-104-201 - Legislative declaration

(1)
The general assembly finds, determines, and declares that, in authorizing expansion of interstate banking to this state, primary consideration should be given to providing positive benefits for the people of this state; to affording protection to bank depositors in this state; to enhancing the opportunity of the people of this state to receive services provided by banks and bank holding companies; and to setting forth the standards under which out-of-state bank holding companies may acquire or control Colorado banks and bank holding companies.
(2)
In order to comply with the considerations set forth in subsection (1) of this section with respect to interstate branch banking, the general assembly finds and declares that de novo interstate branching into or out of this state is expressly authorized on or after July 1, 2013, and that interstate branching through the acquisition of one or more branches of an insured financial institution in this state or another state is expressly authorized on or after July 1, 2013.
Amended by 2013 Ch. 282,§10, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1109, § 3, effective July 1. L. 2013: (2) amended, (SB 13-154), ch. 282, p. 1465, § 10, effective July 1.
This section is similar to former § 11-6.4-101 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 104 - HOLDING COMPANIES (§§ 11-104-101 — 11-104-203) › Part 2 - ACQUISITION OF CONTROL OF BANKS AND BANK HOLDING COMPANIES (§§ 11-104-201 — 11-104-203) › Section 11-104-203 - Authority of banking board to enforce provisions of article

(1)
Any bank holding company controlling any other bank holding company or bank pursuant to this code in this state is, for purposes of enforcing this article, subject to the jurisdiction of the banking board with respect to its operations and affairs in the state of Colorado. The banking board may utilize the applicable powers conferred by this code and the "Public Deposit Protection Act", article
10.5
of this title, to carry out the duties imposed by this section.
(2)
The banking board shall have the authority to examine the records and affairs of any bank holding company filing an application to acquire control of a Colorado bank or Colorado bank holding company pursuant to this article. The banking board shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer an oath, and examine any person under oath in connection with any subject relating to a duty imposed upon, or power vested in, the banking board pursuant to this section. In case of a refusal of any person to comply with a lawful subpoena or order of the banking board issued pursuant to this section, upon proper petition by the banking board to the district court, the court shall require compliance therewith, and further refusal shall be punishable as contempt of court.
(3)
The banking board may, after notice and hearing pursuant to article
4
of title
24
, C.R.S., order any person to cease and desist from violating any provision of this article.
(4)
The banking board may, after notice and hearing pursuant to article
4
of title
24
, C.R.S., order any bank holding company controlling any other bank holding company or any bank in this state in violation of the provisions of this article to divest its interest in any such bank holding company or bank.
Amended by 2013 Ch. 282,§47, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1111, § 3, effective July 1. L. 2013: (1) amended, (SB 13-154), ch. 282, p. 1482, § 47, effective July 1.
This section is similar to former § 11-6.4-104 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-102 - Accounts and interest

(1)
A state bank may maintain demand, savings, and time deposit accounts and any type of account that a national bank may maintain.
(2)
Savings deposits shall be repaid to the depositors under such rules as the board of directors of the state bank shall, from time to time, prescribe. Such rules shall be conspicuously exposed in some place accessible and visible in the business office of the state bank. No alterations that may at any time be made in the rules shall in any manner affect the rights of a depositor within the contract period in respect to deposits made previous to such alteration.
(3)
The banking board may by rule establish the maximum annual rate of interest that a state bank may pay on any type of deposit or account. In the absence of such rule, a state bank shall be subject only to applicable federal law in the payment of interest.
L. 2003: Entire article added with relocations, p. 1113, § 3, effective July 1.
This section is similar to former § 11-6-102 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-103 - Saturday closing - notice - effect

Any state bank or trust company, national banking association, or federal reserve bank may, by brief notation on its front door, fully dispense with, or restrict to such extent as it may determine, the hours within which it will be open for business on all, or less than all, Saturdays. However, the fact that a bank remains open for business on all, or less than all, Saturdays shall not make that day, or any part thereof, a banking day for the purposes of section
4-4-104(a)(3)
, C.R.S., of the "Uniform Commercial Code". Any plan so adopted by any such organization may be changed by it from time to time in its discretion. Every Saturday on which any such state bank, national banking association, or federal reserve bank, in observance of such notation, is not open for business shall be, with respect to the particular organization, the equivalent of a legal holiday, as specified in section
24-11-101
, C.R.S. Any act authorized, required, or permitted to be performed at, by, or with respect to such organization on a Saturday that is for it a holiday may be performed on the next succeeding business day, notwithstanding the provisions of any other law of this state to the contrary, and no liability or loss of right of any kind shall result from such delay. The provisions of this section shall not operate to invalidate or prohibit the doing on any Saturday of any such act by any person or organization referred to in this section.
L. 2003: Entire article added with relocations, p. 1114, § 3, effective July 1.
This section is similar to former § 11-6-103 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-104 - [Effective Until 8/7/2024] Minor or institutional deposits

(1)
A bank may operate a deposit account for a minor with the same effect upon its liability as if the minor were of full age unless such minor's guardian or conservator files with the bank a certified copy of the order of a Colorado court having jurisdiction appointing him or her and directs otherwise.
(2)
Subject to such rules, not in conflict with section
11-105-101
, as the banking board may prescribe for the protection of depositors, a bank 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 bank in any school or institutional thrift or savings plan.
L. 2003: Entire article added with relocations, p. 1114, § 3, effective July 1.
This section is similar to former § 11-6-104 as it existed prior to 2003.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-104 - [Effective 8/7/2024] Minor or institutional deposits

(1)
A bank may operate a deposit account for a minor with the same effect upon its liability as if the minor were of full age unless the minor's guardian or conservator files with the bank a certified copy of the order of a Colorado court having jurisdiction appointing the guardian or conservator and directs otherwise.
(2)
Subject to such rules, not in conflict with section
11-105-101
, as the banking board may prescribe for the protection of depositors, a bank 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 bank in any school or institutional thrift or savings plan.
Amended by 2024 Ch. 461,§ 28, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1114, § 3, effective July 1.
This section is similar to former § 11-6-104 as it existed prior to 2003.
2024 Ch. 461, 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.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-105 - Joint deposits - right of survivor

Except as to accounts, which are defined in and which shall be paid as provided in article
15
of title
15
, C.R.S., when a bank deposit in any bank transacting business in this state is made in the names of two or more persons payable to them or to any of them, such deposit, or any part thereof or interest thereon, may be paid to any one of said persons whether the others are living or not, and the receipt or acquittance of the person so paid shall be valid and sufficient discharge to the paying bank from all said persons and their heirs, executors, administrators, and assigns; such deposit shall be deemed, so far as the rights and liabilities of the bank are concerned, to be owned by said persons in joint tenancy with the right of survivorship, but the bank has the right of setoff against such deposit, to the extent thereof, to collect a debt owed to the bank by any joint depositor, which right shall not be affected by death.
L. 2003: Entire article added with relocations, p. 1114, § 3, effective July 1.
This section is similar to former § 11-6-105 as it existed prior to 2003.