Broadway Brownstones Condo Owners
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CONTACT INFORMATION
- Location: Boulder
- County: Boulder
- Units: 6
- Real Estate ID: 22884
- Established: 2007
- Secretary of State ID: 20071543152
- Subdivision: JosWolffs Subdivision
- Zoning: Condominium
- Constructed: 1984
c/o PrimaOne Management Services Inc.
1748 Bear Mountain Dr
PO Box 270399
Louisville CO 80305 USA
Phone: (303) 494-5057/(915) 694-4777
LEGAL
5.1 Purposes. The purposes for which the corporation is organized are to act as the designated Association for The Broadway Brownstones Condominiums, to exercise all rights and powers granted by the Declaration, and to do all things permitted by the Colorado Common Interest Ownership Act.
5.2 Powers. The corporation shall have all of the rights, privileges and powers now or subsequently conferred on nonprofit corporations under the Act and the laws of the State of Colorado in effect from time to time. The corporation shall have and may exercise all powers necessary or convenient to affect any of the purposes for which the corporation was organized.
5.3 Restrictions on Purposes and Powers. The purposes and powers of the corporation described in Sections 5.1 and 5.2 above are subject to the following limitations:
(a) The corporation shall be organized and operated exclusively for nonprofit purposes as set forth in Section 528 of the Internal Revenue Code of 1986, as amended, or in any corresponding provision of any future law of the United States of America providing for exemption of similar organizations from income taxation.
(b) No part of the earnings of the corporation shall inure to the benefit of any Owner, except as expressly permitted in Section 5.3(c) below with respect to the dissolution of the corporation.
(c) The corporation shall not pay any dividends. No distribution of the corporation's assets to Owners shall be made until all of the corporation's debts are paid, and then only upon the final dissolution of the corporation as permitted in the Declaration. Upon payment of all of the corporation's debts and final dissolution, any remaining assets of the corporation shall be distributed among the Owners in accordance with the terms and conditions of Section 38-33.3-218of the Colorado Common Interest Act. (Source: Articles of Incorporation, Article V, Sections 5.1, 5.2, and 5.3, dtd 11/21/2007 pg. 2).
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