Colo. Rev. Stat. § 7-126-304
Residential membership - return of consideration - cessation of periodic payments - time limits - effective date.
Effective Mar 22, 2012L. 2011: Entire section added, (HB 11-1110), ch. 22, p. 55, § 2, effective March 11; (1)(a) amended, (HB 11-1324), ch. 268, p. 1222, § 1, effective June 2. L. 2012: (1) amended, (SB 12-024), ch. 39, p. 137, § 1, effective March 22.
(1) Notwithstanding any provision of the articles of incorporation or bylaws to the contrary:
(a)
- (I) A residential nonprofit corporation shall refund the entrance fee of a residential member to the member or his or her heirs within ninety days after a transfer of the residential membership.
(II)
- (A) This paragraph (a) applies only to contracts entered into on or after March 11, 2011.
- (B) (Deleted by amendment, L. 2012.)
- (b) (Deleted by amendment, L. 2012.)
Source: L. 2011: Entire section added, (HB 11-1110), ch. 22, p. 55, § 2, effective March 11; (1)(a) amended, (HB 11-1324), ch. 268, p. 1222, § 1, effective June 2. L. 2012: (1) amended, (SB 12-024), ch. 39, p. 137, § 1, effective March 22.