District of Columbia § 29-1012.05 Voluntary dissolution by the board and members.

District of Columbia Statutes

§ 29-1012.05 — Voluntary dissolution by the board and members.

District of Columbia § 29-1012.05

Title 29Business Organizations. [Enacted title]

Ch. 10Limited Cooperative Associations.

Subch. XIIDissolution.

This text of District of Columbia § 29-1012.05 (Voluntary dissolution by the board and members.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 29-1012.05 (2026).

Text

(a)Except as otherwise provided in § 29-1012.04 , for a limited cooperative association to voluntarily dissolve:

(1)A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules;

(2)The board of directors shall call a members meeting to consider the resolution, to be held not later than 90 days after adoption of the resolution; and

(3)The board of directors shall mail or otherwise transmit or deliver to each member in a record that complies with § 29-1005.08 :

(A)The resolution required by paragraph (1) of this subsection;

(B)A recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumst

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(a) Except as otherwise provided in § 29-1012.04 , for a limited cooperative association to voluntarily dissolve:

(1) A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules;

(2) The board of directors shall call a members meeting to consider the resolution, to be held not later than 90 days after adoption of the resolution; and

(3) The board of directors shall mail or otherwise transmit or deliver to each member in a record that complies with § 29-1005.08 :

(A) The resolution required by paragraph (1) of this subsection;

(B) A recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumstances, it should not make a favorable recommendation, the basis of that determination; and

(C) Notice of the members meeting, which shall be given in the same manner as notice of a special meeting of members.

(b) Subject to subsection (c) of this section, a resolution to dissolve shall be approved by:

(1) At least 2/3 of the voting power of members present at a members meeting called under subsection (a)(2) of this section; and

(2) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage.

(c) The organic rules may require that the percentage of votes under subsection (b)(1) of this section shall be:

(1) A different percentage that is not less than a majority of members voting at the meeting; or

(2) Measured against the voting power of all members; or

(3) A combination of paragraphs (1) and (2) of this subsection.