Colorado § 11-103-401 - Subscription calls.
Full text of Colorado Colorado Revised Statutes § 11-103-401 — Subscription calls., with citation guidance and answers to common questions.
§ 11-103-401. Subscription calls.
After a de novo charter has been granted, the directors may call for the payment of the subscriptions in full within thirty days after the date of the notice that the charter has been granted. The bank shall not issue any shares until the bank has paid in full, in cash, the par value and the pro rata portion of the paid-in surplus specified in the de novo charter.
Source: L. 2003: Entire article added with relocations, p. 1088, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1480, § 43, effective July 1.
Editor's note: This section is similar to former § 11-3-111 as it existed prior to 2003.
ANNOTATION
Annotator's note. Since § 11-103-401 is similar to § 11-3-111 as it existed prior to the 2003 recodification of the "Colorado Banking Code", articles 101 to 109 of title 11, relevant cases construing that provision have been included in the annotations to this section.
"Fully subscribed" is not unconditionally subscribed. There is nothing in the statutory language of this section or § 11-3-109 or 11-3-110 to indicate that "fully subscribed" means unconditionally and irrevocably subscribed. Banking Bd. v. Columbine State Bank, 194 Colo. 54, 569 P.2d 871 (1977).
Applied in First Nat'l Bank v. Banking Bd., 663 P.2d 261 (Colo. App. 1983).
Frequently Asked Questions About Colorado § 11-103-401
What does Colorado Revised Statutes § 11-103-401 cover?
Section 11-103-401 ("Subscription calls.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 11-103-401?
A common citation format is "Colorado Revised Statutes § 11-103-401" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 11-103-401 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.