Public-domain · open source

D.C. Code § 29-1011.02

Effect of dissociation as member

Known as the Uniform Limited Cooperative Association Act

The act spans §§ 29–29 (119 sections).

July 2, 2011, D.C

(a) Upon a member’s dissociation:

(1) The person’s right to participate as a member in the management and conduct of the association’s activities and affairs terminates; and

(2) Subject to § 29-1011.03, subchapter XV of this chapter, and Chapter 2 of this title, any financial rights owned by the person in the person’s capacity as a member are owned by the person as a transferee.

(b) A person’s dissociation as a member shall not of itself discharge the person from any debt, obligation, or other liability to the limited cooperative association or to the members which the person incurred while a member.

Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.