In the valence bond notation (Lewis structure) that corresponds to the structure on the left. Here the oxygen (the more electronegative element) has a formal positive charge. Of course, there are other resonance structures that can be drawn for CO: the double-bonded structure without formal charges and the singly-bonded structure that has a formal positive charge on carbon and a negative charge on oxygen (in agreement with the atomic electronegativities). Note, however, that in these two structures the octet rule is not satisfied for the carbon atom.