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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) It is a criminal offense for an affiliate of a state bank or for an officer, director, or employee of a state bank or affiliate of a state bank:
(a) To solicit, accept, or agree to accept, directly or indirectly, from any person other than the institution, any gratuity, compensation, or other personal benefit for any action taken by the institution, or for endeavoring to procure any such action;
(b) To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of indebtedness issued by the institution.
(2) In this section and section 11-105-101(5), the term “affiliate” of a state bank shall include:
(a) Any person who holds a majority of the stock of the bank or has been determined by the banking board to hold a controlling interest therein, any other corporation in which such person owns a majority of the stock, and any partnership in which such person has an interest;
(b) Any corporation in which the state bank or an officer, director, or employee thereof holds a majority of the stock and any partnership in which such person has an interest;
(c) Any corporation of which a majority of the directors are officers, directors, or employees of the state bank or of which officers, directors, trustees, or employees constitute a majority of the directors of the state bank.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 11. Financial Institutions § 11-107-104. Unlawful gratuity, compensation, or transactions - last updated January 01, 2025 | https://codes.findlaw.com/co/title-11-financial-institutions/co-rev-st-sect-11-107-104/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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