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Can you summarize 11 CORS Article 103?
Colorado Banking Code > ORGANIZATION AND CORPORATE FUNCTIONS
Short Summary
These legal documents, part of the Colorado Revised Statutes, cover various aspects related to the organization and corporate functions of state banks in Colorado. They govern the general corporate powers of state banks, including perpetual existence, contracting abilities, bylaws, and the power to elect officers and agents. The documents also address the capital requirements for state banks, ensuring capital adequacy and protecting depositors and the general public. They further outline the liability of shareholders in state banks, specifying their responsibility for the bank’s contracts and debts. The documents provide guidelines for the organization or conversion of a bank to a state bank in Colorado, including the application process, charter requirements, and operating agreements for limited liability companies. They also cover shares and distributions in state banks, including the payment of subscriptions, issuance of shares, and the adoption and amendment of bylaws. The documents govern the roles and responsibilities of directors and officers in state banks, including their qualifications, election, removal, and indemnification. They also address the insurance and fidelity bond requirements for directors, officers, employees, and agents of state banks. The documents provide regulations for the merger, consolidation, conversion, and sale of assets of state banks, ensuring compliance with the Colorado Banking Code and approval by the banking board and stockholders. They also outline the procedures for the liquidation, dissolution, reorganization, and sale of assets of state banks, including voluntary and involuntary processes. These legal documents apply to state banks organized under the laws of Colorado, their directors, officers, employees, and agents, as well as individuals or entities involved in transactions with state banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State banks organized under the laws of Colorado, directors, officers, employees, and agents of state banks, stockholders of state banks, and individuals or entities involved in transactions with state banks
What does it govern?
General corporate powers of state banks organized under the laws of Colorado, capital requirements for banks subject to the Colorado Banking Code, liability of shareholders in state banks, organization or conversion of a bank to a state bank in Colorado, shares and distributions in state banks under the Colorado Banking Code, organization and corporate functions of state banks in Colorado, indemnification and insurance requirements for directors, officers, employees, and agents of state banks in Colorado, merger, consolidation, conversion, and sale of assets of banks, and liquidation, dissolution, reorganization, and sale of assets of state banks in Colorado
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Colorado