LegalFix
Sign In

§ 38-33.5-102. Requirements for articles of incorporation of cooperative housing corporations

CO Rev Stat § 38-33.5-102 (2018) (N/A)
Copy with citation
Copy as parenthetical citation

(1) In addition to any other requirements for articles of incorporation imposed by the "Colorado Revised Nonprofit Corporation Act", articles 121 to 137 of title 7, C.R.S., such articles of incorporation shall, in the case of cooperative housing corporations, include the following provisions:

(a) That the corporation shall have only one class of stock outstanding;

(b) That each stockholder is entitled, solely by reason of his ownership of stock in the corporation, to occupy, for dwelling purposes, a house or an apartment in a building owned or leased by the corporation;

(c) That the interest of each stockholder in the corporation shall be inseparable from and appurtenant to the right of occupancy, andshall be deemed an estate in real property for all purposes, and shall not be deemed personal property;

(d) That no stockholder is entitled to receive any distribution not out of earnings and profits of the corporation except on a complete or partial liquidation of the corporation.

Previous Section
§ 38-33.5-101. Method of formation - purpose
Next Section
§ 38-33.5-103. Provisions relating to taxes, interest, and depreciation on corporate property