Colorado § 11-40-102 - Definitions.

§ 11-40-102. Definitions.

As used in articles 40 to 46 of this title 11, unless the context otherwise requires:

(1) "Branch" means any office or other place of business in this state operated by an association other than its principal office in this state where subscriptions are sold, taken, or solicited for shares or stock.

(2) "Certificate value" means the aggregate of payments by a certificate holder on shares evidenced by such certificate, plus dividends credited thereto, less withdrawals thereon.

(3) "Commissioner" means the state commissioner of financial services.

(3.5) "Contingent reserve" means a reserve an association is required to set up and maintain as described in section 11-42-111 (3).

(4) "Division" means the division of financial services.

(5) "Domestic savings and loan association" is one organized under the laws of Colorado and complying with the provisions thereof.

(6) "Dues" means the periodic payments made or to be made by a member in the purchase of savings shares.

(7) "Federal savings and loan association" means one organized or chartered under the "Home Owners' Loan Act of 1933", as may from time to time be amended, or under any federal act which may be enacted as a successor act to regulate the organization and operation of associations formerly organized or chartered under said "Home Owners' Loan Act of 1933". Federal savings and loan associations shall not be subject to the provisions of articles 40 to 46 of this title.

(8) "Foreign savings and loan association" means an association or a holding company of an association which is organized under the laws of any other state or nation, except federal savings and loan associations which are organized under the "Home Owners' Loan Act of 1933", and any amendments thereto.

(9) "Free share" means a share not pledged to the association by which issued as collateral security for the repayment of a loan to the owning member.

(10) "Invested capital" means the aggregate of all certificate values, plus the aggregate par value of all permanent stock issued and paid for, if a permanent stock association.

(11) "Loan share" means a share which has been pledged to the association by which issued as collateral security for the repayment of a loan to the owning member.

(12) "Member" means any person owning or having control of an account with an association evidenced by certificate or passbook or any person borrowing from or assuming a loan held by an association or obligated upon a loan held by an association through purchase or otherwise, or a purchaser of property securing a loan held by an association, or a purchaser of property on a contract from an association.

(12.5) "Net worth" includes the sum of all reserve accounts, undivided profits, permanent stock, preferred stock, and surplus, the principal amount of any subordinated debt securities, and any other account or item included as net worth by regulation of the commissioner or by any law, rule, regulation, order, or decision of the federal deposit insurance corporation or its successor or any other state or federal agency that is applicable to federal savings and loan associations.

(13) "Permanent stock" means stock which cannot be withdrawn or the value paid to the holder thereof until all liabilities of the association have been fully liquidated and paid.

(14) "Share" means a unit having a par value of one hundred dollars evidenced by issued certificate, the certificate value of which represents the proportionate interest of a holder in the association.

(15) "Shareholder" means the holder of shares which may be withdrawn upon due and proper notice in accordance with the bylaws or as the laws of the state may provide and the withdrawal or payment of which is not contingent upon the payment of all liabilities of the association.

(15.5) "State tax reserve" means a reserve an association may set up and maintain as described in section 11-42-111 (4).

(16) "Stockholder" means a holder of permanent stock.

(17) "Subordinated debt security" means any note, secured or otherwise, debenture, or other debt security issued by a savings and loan association which is subordinated or junior, on liquidation or otherwise, to any liability or claim of any order or rank, including all claims having the same priority as or a higher priority than savings account holders.

(18) "Tax and loan account" means an account, the balance of which is subject to the right of immediate withdrawal, established for receipt of payments of federal taxes and certain United States' obligations. Tax and loan accounts are not shares, savings or share accounts, savings deposits, or deposit accounts.

Source: L. 33: p. 285, § 3. CSA: C. 25, § 3. L. 39: pp. 237, 238, §§ 1-4. CRS 53: § 122-1-3. L. 55: p. 756, § 1. C.R.S. 1963: § 122-1-3. L. 69: p. 1013, § 2. L. 77: (12.5) and (17) added, p. 569, § 1, effective July 1. L. 79: (18) added, p. 430, § 1, effective June 19. L. 88: (8) amended, p. 461, § 5, effective July 1. L. 89: (3) and (4) amended, p. 618, § 7, effective July 1. L. 2004: (12.5) amended, p. 148, § 53, effective July 1. L. 2025: IP amended and (3.5) and (15.5) added, (SB 25-275), ch. 377, p. 2039, § 48, effective August 6.

Cross references: For the "Home Owners' Loan Act of 1933", see Pub.L. 73-43, codified at 12 U.S.C. § 1461 et seq.

ANNOTATION

Law reviews. For article, "Foreign Savings and Loan Associations Not Doing Business in Colorado", see 16 Colo. Law. 43 (1987).