HB 22-1250 Summary

• Changes plural "owners'" to singular possessive "owner's" throughout Title 7 of Colorado Revised Statutes in sections covering plans of conversion, merger, and exchange of business interests.

• Replaces the word "shall" with "must" in section 7-90-203.3 governing plans of merger and plans of exchange.

• Repeals section 7-90-1002(3), which previously exempted certain administratively dissolved domestic entities from vote or consent requirements until specified dates based on entity type and dissolution date.

• Amends section 7-103-106 to reorganize notice requirements for ratification of defective corporate actions, clarifying when notices must be provided to shareholders.

• Takes effect at 12:01 a.m. on the day following the 90-day period after final adjournment of the general assembly, unless a referendum petition is filed, in which case it requires voter approval at the November 2022 general election.