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District of Columbia Code Division V. Local Business Affairs § 29-1005.02. Becoming member.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) If a limited cooperative association is to have only one cooperative member upon formation, the cooperative becomes a member as agreed by that cooperative and the organizer of the limited cooperative association. That cooperative and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial cooperative member.

(b) If a limited cooperative association is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the limited cooperative association. The organizer acts on behalf of the persons in forming the limited cooperative association and may be, but need not be, one of the persons.

(c) After formation of a limited cooperative association, a person becomes a member:

(1) As provided in the organic rules;

(2) As the result of a transaction effective under subchapter XV of this chapter or Chapter 2 of this title;

(3) With the consent of all the members; or

(4) As provided in § 29-1012.02(3).

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1005.02. Becoming member. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1005-02/

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