Colorado § 7-102-108 - Forum selection - definition.

§ 7-102-108. Forum selection - definition.

(1) The articles of incorporation or the bylaws may require that any or all internal corporate claims must be brought exclusively in any specified court of this state and, if so specified, in any additional courts in this state or in any other jurisdiction with which the corporation has a reasonable relationship.

(2) A provision of the articles of incorporation or bylaws specified in subsection (1) of this section does not confer jurisdiction on any court or over any person or claim and does not apply if none of the courts specified by the provision has the requisite personal and subject-matter jurisdiction. If a court specified in a provision specified in subsection (1) of this section does not have the requisite personal and subject-matter jurisdiction and another court of this state does have that jurisdiction, the internal corporate claim may be brought:

(a) In the other court of this state, notwithstanding that the other court is not specified in the provision; and

(b) In any other court specified in the provision that has the requisite jurisdiction.

(3) No provision of the articles of incorporation or the bylaws may prohibit bringing an internal corporate claim in the courts of this state or require the claims to be determined by arbitration.

(4) "Internal corporate claim" means:

(a) Any claim that is based upon a violation of a duty under the laws of this state by a current or former director, officer, or shareholder in that capacity;

(b) A derivative action or proceeding brought on behalf of the corporation;

(c) An action asserting a claim arising pursuant to any provision of articles 101 to 117 of this title 7, the articles of incorporation, or bylaws; or

(d) An action asserting a claim governed by the internal affairs doctrine that is not included in subsections (4)(a) to (4)(c) of this section.

Source: L. 2019: Entire section added, (SB 19-086), ch. 166, p. 1926, § 29, effective July 1, 2020.

ANNOTATION

Law reviews. For article, "2019 Colorado Business Law Updates: Revising the Colorado Business Corporation Act and the Colorado Corporations and Associations Act", see 48 Colo. Law. 26 (Nov. 2019).

ARTICLE 103

Purposes and Powers

7-103-101. Purposes and applicability.

7-103-102. General powers.

7-103-103. Emergency powers.

7-103-104. Ultra vires.

7-103-105. Agent may convey real estate - repeal. (Repealed)

7-103-106. Ratification of defective corporate actions - definitions.