Colorado § 11-103-301 - Incorporators.

§ 11-103-301. Incorporators.

Five or more individual incorporators of a de novo bank or organizers of a converting bank desiring to organize or convert to a state bank must file with the banking board an application for charter on the form prescribed therefor and together with all other documents required by section 11-103-303, all of which instruments shall be duly signed by each of the incorporators or organizers and sworn to before an officer authorized by the laws of this state to administer oaths. A majority of the incorporators must be residents of the state and citizens of the United States. Each incorporator of a de novo bank shall, prior to the filing of said application, subscribe and pay in full in cash for stock having a par value of not less than one percent of the minimum capital and paid-in surplus requirements.

Source: L. 2003: Entire article added with relocations, p. 1084, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1477, § 40, effective July 1. L. 2024: Entire section amended, (HB 24-1351), ch. 461, p. 3202, § 18, effective August 7.

Editor's note: This section is similar to former § 11-3-106 as it existed prior to 2003.

ANNOTATION

Annotator's note. Since § 11-103-301 is similar to § 11-3-106 as it existed prior to the 2003 recodification of the "Colorado Banking Code", articles 101 to 109 of title 11, a relevant case construing that provision has been included in the annotations to this section.

Legislative intent. The general assembly intended to assure that, in order to protect the public, a new bank should commence operations with its capital and paid-in surplus intact and with its organizational expenses paid. Firstbank of N. Longmont v. Banking Bd., 648 P.2d 684 (Colo. App. 1982).