2022 Colorado Code
Title 7 - Corporations and Associations
Article 30 - Uniform Unincorporated Nonprofit Association Act
§ 7-30-117. Effective Date
This article shall take effect July 1, 1994.
Source: L. 94: Entire article added, p. 1276, § 1, effective May 22.
OFFICIAL COMMENTThis Act provides an unincorporated, nonprofit association and its members with a legal structure that conforms to the expectations of many of them. Therefore, the need by the nonprofit association for additional time to revise procedures and forms to conform to a significant change in the law is not necessary. However, this Act materially affects third parties, particularly creditors of nonprofit associations. Anecdotal evidence suggests that many creditors place little reliance on their rights against members in extending credit. If they have any reservations about the creditworthiness of a nonprofit association they obtain guarantees from creditworthy members or insist on cash. To the extent that this is true, no change in credit policies is needed and so no extra planning time is needed.
Unless a jurisdiction's usual effective date rule provides little time for affected parties to learn of a new law, it is unnecessary to extend this Act's effective date.
