17-30-503. Protector.
(a) If a statutory foundation has a charitable purpose, the foundation shall maintain a protector in relation to that purpose.
(b) If a statutory foundation has any purpose permitted under this act other than a charitable purpose, then the foundation may have a protector in relation to that purpose.
(c) Except as otherwise provided by law, a founder or other person may be appointed as the protector of a statutory foundation.
(d) The operating agreement of a statutory foundation may authorize a protector to approve or disapprove any specified action of the board of directors of the statutory foundation.
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