Disposition of assets not requiring member approval

  1. Law
  2. District of Columbia Code
  3. Business Organizations. [Enacted title]
  4. Limited Cooperative Associations
  5. Disposition of Assets
  6. Disposition of assets not requiring member approval

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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.

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

Section References

This section is referenced in § 29-1001.09 and § 29-1014.02.

Editor's Notes

Uniform Law: This section is based on § 1501 of the Uniform Limited Cooperative Association Act.


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