District of Columbia § 29-404.03 Consideration.

District of Columbia Statutes

§ 29-404.03 — Consideration.

District of Columbia § 29-404.03

JurisdictionDistrict of Columbia

Title 29Business Organizations. [Enacted title]

Ch. 4Nonprofit Corporations.

Subch. IVMemberships and Financial Provisions.

Part AAdmission of Members.

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Bluebook

D.C. Code § 29-404.03 (2026).

Text

Except as otherwise provided in its articles of incorporation or bylaws, a membership corporation may admit members for no consideration or for such consideration as is determined by the board of directors. The consideration may take any form, including promissory notes, intangible property, or past or future services. Payment of the consideration may be made at such times and upon such terms as are set forth in or authorized by the articles of incorporation, bylaws, or a resolution of the board.

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Except as otherwise provided in its articles of incorporation or bylaws, a membership corporation may admit members for no consideration or for such consideration as is determined by the board of directors. The consideration may take any form, including promissory notes, intangible property, or past or future services. Payment of the consideration may be made at such times and upon such terms as are set forth in or authorized by the articles of incorporation, bylaws, or a resolution of the board.