Colorado § 11-109-501 - Directors' meetings - duties.
Full text of Colorado Colorado Revised Statutes § 11-109-501 — Directors' meetings - duties., with citation guidance and answers to common questions.
§ 11-109-501. Directors' meetings - duties.
(1) The board of directors of a trust company shall meet at least quarterly. A special meeting of the board of directors may be called by the banking board. The board of directors shall maintain minutes of each meeting including the record of attendance. A director who fails to attend three consecutive meetings of the board of directors shall cease to be a director unless such absence is satisfactorily explained to the banking board.
(2) The board of directors shall establish the policies and procedures necessary for the proper exercise of fiduciary powers by the trust company. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of the trust company's powers as the board of directors may consider proper to assign to any director, officer, employee, or committee as it may designate.
(3) The board of directors of a trust company may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board.
Source: L. 2003: Entire article added with relocations, p. 1192, § 3, effective July 1.
Editor's note: This section is similar to former § 11-23-116 as it existed prior to 2003.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 11-109-501
What does Colorado Revised Statutes § 11-109-501 cover?
Section 11-109-501 ("Directors' meetings - duties.") 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 § 11-109-501?
A common citation format is "Colorado Revised Statutes § 11-109-501" (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 § 11-109-501 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.