Colorado § 7-58-1504 - Disposition or encumbrance of assets.
Full text of Colorado Colorado Revised Statutes § 7-58-1504 — Disposition or encumbrance of assets., with citation guidance and answers to common questions.
§ 7-58-1504. Disposition or encumbrance of assets.
(1) Subject to subsection (2) of this section, a disposition or encumbrance of assets under section 7-58-1502 must be approved by:
(a) At least a majority of the voting power of members present at a members meeting called under section 7-58-1503 (1)(b); and
(b) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the articles or bylaws require a greater percentage vote by patron members.
(2) The articles or bylaws may require that the percentage of votes required under paragraph (a) of subsection (1) of this section is:
(a) A different percentage that is not less than a majority of members voting at the meeting;
(b) Measured against the voting power of all members; or
(c) A combination of paragraphs (a) and (b) of this subsection (2).
(3) Subject to any contractual obligations, after a disposition or encumbrance of assets is approved and at any time before the consummation of the disposition or encumbrance, a limited cooperative association may approve an amendment to the contract for the disposition or encumbrance or the resolution authorizing the disposition or encumbrance or approve abandonment of the disposition or encumbrance:
(a) As provided in the contract or the resolution; and
(b) Except as limited or prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition or encumbrance.
(4) The voting requirements for districts, classes, or voting groups under section 7-58-404 apply to approval of a disposition of assets under this part 15.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 812, § 1, effective April 2, 2012.
PART 16
CONVERSION AND MERGER
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-58-1504
What does Colorado Revised Statutes § 7-58-1504 cover?
Section 7-58-1504 ("Disposition or encumbrance of assets.") 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 § 7-58-1504?
A common citation format is "Colorado Revised Statutes § 7-58-1504" (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 § 7-58-1504 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.