On February 10, 2014, Reps. Tracy Kraft-Tharp & Chris Holbert and Sen. Cheri Jahn introduced HB 14-1274 – Concerning the Modification of Certain Limitations on the Managers of a Bank Chartered by Colorado. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.
Current law prohibits a state bank from executing a contract for the employment of an officer for more than one year and requires 2/3 of the directors of a state bank to be residents of this state and a majority of the directors to reside within 100 miles of the place of business of the bank. The bill repeals these limitations and substitutes a requirement that a majority of the directors to be residents of this state.
The bill has passed both houses of the legislature on March 31 and is headed to Gov. John Hickenlooper’s desk for action.
Since this summary, the bill was signed into law by Governor Hickenlooper.