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District of Columbia Code Division V. Local Business Affairs § 29-1011.02. Effect of dissociation as member.

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

(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.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1011.02. Effect of dissociation as member. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1011-02/

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