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District of Columbia Code Division V. Local Business Affairs § 29-404.21. Termination and suspension.

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

(a) A membership in a membership corporation may be terminated or suspended for the reasons and in the manner provided in the articles of incorporation or bylaws.

(b) A proceeding challenging a termination or suspension for any reason shall be commenced within one year after the effective date of the termination or suspension.

(c) The termination or suspension of a member shall not relieve the member from any obligations incurred or commitments made prior to the termination or suspension.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-404.21. Termination and suspension. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-404-21/

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