(2.5) With regard to the investment of reserve funds of the association, the officers and members of the executive board shall be subject to the standards set forth in section 7-128-401, C.R.S.; except that, as used in that section:
(I) The declaration, except a declaration for a large planned community, may provide for a period of declarant control of the association, during which period a declarant, or persons designated by such declarant, may appoint and remove the officers and members of the executive board. Regardless of the period of declarant control provided in the declaration, a period of declarant control terminates no later than the earlier of sixty days after conveyance of seventy-five percent of the units that may be created to unit owners other than a declarant, two years after the last conveyance of a unit by the declarant in the ordinary course of business, or two years after any right to add new units was last exercised.
(II) The declaration for a large planned community may provide for a period of declarant control of the association during which period a declarant, or persons designated by such declarant, may appoint and remove the officers and members of the executive board. Regardless of the period of declarant control provided in the declaration, a period of declarant control terminates in a large planned community no later than the earlier of sixty days after conveyance of seventy-five percent of the maximum number of units that may be created under zoning or other governmental development approvals in effect for the large planned community at any given time to unit owners other than a declarant, six years after the last conveyance of a unit by the declarant in the ordinary course of business, or twenty years after recordation of the declaration.
Source: L. 91: Entire article added, p. 1737, § 1, effective July 1, 1992. L. 93: (7), (8), and (9)(e) amended, p. 651, § 16, effective April 30. L. 94: (5) and (8) amended, p. 2848, § 5, effective July 1. L. 95: (5)(a), (9)(k), and (9)(l) amended and (5)(c) and (9)(m) added, pp. 238, 239, §§ 5, 6, effective July 1. L. 2002: (4) and (5)(a)(I) amended, p. 768, § 4, effective August 7. L. 2005: (4) amended, p. 1383, § 13, effective January 1, 2006. L. 2006: (2) and (4)(b) amended and (2.5) added, p. 1221, § 9, effective May 26. L. 2009: (1) and (3) amended, (HB 09-1359), ch. 257, p. 1164, § 2, effective August 5. L. 2016: (4)(a) amended, (HB 16-1149), ch. 104, p. 300, § 3, effective July 1, 2018. L. 2018: (4)(a)(II) amended, (HB 18-1342), ch. 387, p. 2317, § 2, effective July 1.
Structure Colorado Code
Title 38 - Property - Real and Personal
Article 33.3 - Colorado Common Interest Ownership Act
Part 3 - Management of the Common Interest Community
§ 38-33.3-301. Organization of Unit Owners' Association
§ 38-33.3-302. Powers of Unit Owners' Association
§ 38-33.3-304. Transfer of Special Declarant Rights
§ 38-33.3-305. Termination of Contracts and Leases of Declarant
§ 38-33.3-307. Upkeep of the Common Interest Community
§ 38-33.3-310. Voting - Proxies
§ 38-33.3-310.5. Executive Board - Conflicts of Interest - Definitions
§ 38-33.3-311. Tort and Contract Liability
§ 38-33.3-312. Conveyance or Encumbrance of Common Elements
§ 38-33.3-315. Assessments for Common Expenses
§ 38-33.3-316. Lien for Assessments
§ 38-33.3-316.3. Collections - Limitations
§ 38-33.3-316.5. Time Share Estate - Foreclosure - Definitions
§ 38-33.3-317. Association Records - Rules - Applicability