Contents of certificate or bylaws

7-40-103. Contents of certificate or bylaws. (1) The certificate of incorporation or bylaws of the corporation shall provide: (a) The number and term of office of trustees, directors, or managers of the corporation and the manner of their selection or election; (b) The officers of the corporation and their term of office and the manner of their designation or selection; (c) The kinds and classes of members and the rights and privileges of each; and (d) The authority under which conveyance or encumbrance of all or any part of the corporate property may be made, and the persons who are authorized to execute the instruments of conveyance or encumbrance; and, if not contained in the certificate of incorporation or any amendment thereof, a certified copy of this authority shall be recorded in each county in which the corporation owns real estate. Source: G.L. � 227. G.S. � 370. R.S. 08: � 1016. C.L. � 2382. CSA: C. 41, � 175. L. 51: p. 283, � 3. CRS 53: � 31-20-3. C.R.S. 1963: � 31-19-3. L. 2003: (1)(d) amended, p. 2203, � 5, effective July 1, 2004.