C.R.S. Section 7-56-716
Receivership or custodianship

(1)

A court in a proceeding to dissolve a cooperative may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage the business and affairs, of the cooperative. The court shall hold a hearing, after giving notice to all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian pursuant to this section. The court appointing a receiver or custodian has exclusive jurisdiction over the cooperative and all of its property, wherever located.

(2)

The court may appoint an individual, a domestic entity, or a foreign entity or other entity authorized to transact business or conduct activities in this state as a receiver or custodian. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.

(3)

The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:

(a)

The receiver may:

(I)

Dispose of all or any part of the property of the cooperative, wherever located, at a public or private sale, if authorized by the court; and

(II)

Sue and defend in the receiver’s own name as receiver of the cooperative in all courts; or

(b)

The custodian may exercise all of the powers of the cooperative, through or in place of its board or officers, to the extent necessary to manage the affairs of the cooperative in the best interests of its members and creditors.

(4)

The court, during a receivership, may redesignate the receiver as custodian, and during a custodianship may redesignate the custodian as receiver if doing so is in the best interests of the cooperative and its members and creditors.

(5)

The court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and such person’s counsel from the assets of the cooperative or proceeds from the sale of the assets.

Source: Section 7-56-716 — Receivership or custodianship, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-07.­pdf (accessed Oct. 20, 2023).

7‑56‑101
Short title 7‑56‑102
Legislative declaration 7‑56‑103
Definitions 7‑56‑104
Filings by the secretary of state 7‑56‑106
Periodic and other reports 7‑56‑107
Cooperative records 7‑56‑201
Articles of incorporation 7‑56‑202
Amendment of articles 7‑56‑203
Restated articles 7‑56‑204
Cooperatives desiring to relinquish provisions of this article 7‑56‑205
Entities formed under other law but subject to this article 7‑56‑208
Bylaws 7‑56‑209
Agricultural marketing cooperatives 7‑56‑210
Renewable energy cooperatives 7‑56‑301
Members 7‑56‑302
Member meetings - how called - notice 7‑56‑303
Members’ list for meeting 7‑56‑304
Quorum 7‑56‑305
Member voting 7‑56‑306
Reserves, distributions, and patronage refunds 7‑56‑307
Inspection of cooperative records by member 7‑56‑308
Scope of member’s inspection right 7‑56‑309
Court-ordered inspection 7‑56‑401
Directors - elections - remuneration - vacancy 7‑56‑402
Officers - titles - election - duties and authority - removal 7‑56‑403
Procedures for meetings of the board of directors 7‑56‑404
Removal of director by the membership or the board 7‑56‑405
Removal of director by judicial proceeding 7‑56‑406
Indemnification and personal liability of directors, officers, employees, and agents 7‑56‑407
Persons to be bonded 7‑56‑409
Registered agent - service of process 7‑56‑501
Powers 7‑56‑502
Marketing or purchasing contracts 7‑56‑503
Remedies for breach of marketing or purchasing contract 7‑56‑504
Inducing breach of marketing or purchasing contract 7‑56‑505
Purchases of property or other interests 7‑56‑506
Warehouse receipts - interest in warehouse entities 7‑56‑507
Application of other laws 7‑56‑508
Cooperatives not in restraint of trade 7‑56‑509
Exemption from securities laws 7‑56‑510
Renewable energy cooperatives - powers 7‑56‑601
Encumbering property 7‑56‑602
Merger, conversion, or consolidation or share or equity capital exchange 7‑56‑603
Procedure for consolidation, share or equity capital exchange, conversion, and merger 7‑56‑604
Merger of parent and subsidiary 7‑56‑604.5
Statement of merger or conversion 7‑56‑605
Statement of consolidation or share or equity capital exchange 7‑56‑606
Effect of merger, conversion, consolidation, or share or equity capital exchange 7‑56‑606.5
Merger with foreign entity 7‑56‑607
Consolidation or share or equity capital exchange with foreign business 7‑56‑608
Dissenters’ rights - definitions 7‑56‑609
Sale or other disposition of property without member approval 7‑56‑610
Sale or other disposition of property requiring member approval 7‑56‑701
Authorization of dissolution before issuance of memberships 7‑56‑702
Authorization of dissolution after issuance of memberships 7‑56‑703
Articles of dissolution 7‑56‑705
Effect of dissolution 7‑56‑714
Grounds for judicial dissolution 7‑56‑715
Procedure for judicial dissolution 7‑56‑716
Receivership or custodianship 7‑56‑717
Decree of dissolution 7‑56‑718
Certain assignments of assets in dissolution 7‑56‑801
Authority to transact business or conduct activities required 7‑56‑802
Registered agent - service of process 7‑56‑901
Application to existing cooperatives
Green check means up to date. Up to date

Current through Fall 2024

§ 7-56-716’s source at colorado​.gov