Voting requirements for members

1. Law
2. District of Columbia Code
3. Business Organizations. [Enacted title]
4. Limited Cooperative Associations
5. Members
6. Voting requirements for members

If a limited cooperative association has both patron and investor members, the following rules shall apply:

(1) The total voting power of all patron members shall not be less than a majority of the entire voting power entitled to vote.

(2) Action on any matter shall be approved only upon the affirmative vote of at least a majority of:

(A) All members voting at the meeting unless more than a majority is required by subchapters IV, XII, XIV, or XV of this chapter or the organic rules; and

(B) Votes cast by patron members unless the organic rules require a larger affirmative vote by patron members.

(3) The organic rules may provide for the percentage of the affirmative votes that must be cast by investor members to approve the matter.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)

Section References

This section is referenced in § 29-1004.04.

Editor's Notes

Uniform Law: This section is based on § 514 of the Uniform Limited Cooperative Association Act.

Download our app to see the most-to-date content.