The holdings of any member of an association, to the extent of the minimum amount necessary for membership, but not to exceed $500, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subjected to such liability, the directors of the association may either admit the purchaser thereof to membership or may purchase from the purchaser the holdings at par value.
D.C. Code § 29-928
Share and membership certificates — Exemption for attachment, execution and garnishment
Known as the General Cooperative Association Act
The act spans §§ 29–29 (39 sections).
July 2, 2011, D.C
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.