As used in this article, unless the context otherwise requires:(1) 'Covered transaction' means any transaction that would result in the sale, transfer, lease, exchange, or other disposition of fifty percent or more of the assets of a hospital. A series of transactions taking place in any five-year period, which would result in the aggregate of the transfer of fifty percent or more of a hospital's assets, shall in all circumstances be deemed to be a covered transaction. 'Covered transaction' shall also include the sale, transfer, or other disposition of the control of a parent company, holding company, or other entity controlling a hospital. For the purposes of this subsection (1), 'fifty percent or more of the assets' shall be based on the fair market value of all of the assets of the hospital.(2) 'For-profit entity' means a business corporation, general partnership, limited partnership, limited liability limited partnership, limited liability partnership, limited liability company, limited partnership association, and cooperative.(3) 'Hospital' means a licensed or certified hospital as described in section 25-1.5-103(1)(a)(I) and (1)(a)(II), C.R.S.L. 98: Entire article added, p. imited partnership association, and cooperative.(3) 'Hospital' means a licensed or certified hospital as described in section 25-1.5-103(1)(a)(I) and (1)(a)(II), C.R.S.L. 98: Entire article added, p. 521, § 1, effective April 30. L. 2003: (3) amended, p. 700, § 4, effective July 1.
Colorado Legal Code