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District of Columbia Code Division V. Local Business Affairs § 29-902. Definitions.

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

For the purposes of this chapter, the term:

(1) “Articles” means the articles of incorporation referred to in § 29-906.

(2) “Association” means a group enterprise incorporated under this chapter. An association shall be treated as a nonprofit corporation for purposes of taxation or securities regulation under the law of the District.

(3) “Cooperative basis” as applied to any incorporated or unincorporated group referred to in §§ 29-905(7), 29-913, 29-923, 29-935, and 29-936 means that:

(A) Each member has one vote only, except as may be altered in the articles or bylaws by provision for:

(i) Voting by member organizations; or

(ii) Allocation of votes in a cooperative housing association proportionate to the share of ownership in the association or on the basis of one vote for each unit;

(B) The maximum rate at which any return is paid on share or membership capital is limited to not more than 8% per annum; and

(C) The net savings after payment, if any, of this limited return on capital and after making provision for such separate funds as may be required or specifically permitted by statute, articles, or bylaws, or allocated or distributed to member patrons, or to all patrons, in proportion to their patronage, be retained by the enterprise, for the actual or potential expansion of its services or the reduction of its charges to the patrons or for other purposes not inconsistent with its nonprofit character.

(4) “Member” means a member in a nonshare association or share association.

(5) “Net savings” means the total income of an association minus the costs of operation.

(6) “Savings returns” means the amount returned to the patrons in proportion to their patronage or otherwise in accordance with § 29-931.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-902. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-902/

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