District of Columbia § 29-1014.01 Disposition of assets not requiring member approval.

District of Columbia Statutes

§ 29-1014.01 — Disposition of assets not requiring member approval.

District of Columbia § 29-1014.01

Title 29Business Organizations. [Enacted title]

Ch. 10Limited Cooperative Associations.

Subch. XIVDisposition of Assets.

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Bluebook

D.C. Code § 29-1014.01 (2026).

Text

Unless the articles of organization otherwise provide, member approval under § 29-1014.02 shall not be required for a limited cooperative association to:

(1)Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or

(2)Mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business.

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Unless the articles of organization otherwise provide, member approval under § 29-1014.02 shall not be required for a limited cooperative association to:

(1) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or

(2) Mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business.