Source: https://code.dccouncil.us/dc/council/code/titles/29/chapters/4/subchapters/III/
Timestamp: 2019-07-22 10:26:02
Document Index: 8018375

Matched Legal Cases: ['§ 29', '§ 29', '§ 29', '§ 29', '§ 29', '§ 29', '§ 2', '§ 2', '§ 29']

D.C. Law Library - Subchapter III. Purposes and Powers.
↪ Subchapter III. Purposes and Powers.
§ 29–403.01. Purposes.
§ 29–403.02. General powers.
§ 29–403.03. Emergency powers.
§ 29–403.04. Ultra vires.
(a) A nonprofit corporation may be formed for any lawful nonprofit purpose unless a more limited purpose is set forth in the articles of incorporation.
(b) A corporation engaging in an activity that is subject to regulation under another statute of the District may incorporate under this chapter only if incorporating under this chapter is not prohibited by the other statute. The corporation is subject to all the limitations of the other statute.
(4) Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, property, or any legal or equitable interest in property, wherever located;
(8) Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment, except as limited by § 29-406.32;
(11) Elect directors and appoint officers, employees, and agents of the corporation, define their duties, fix their compensation, and lend them money and credit, except as limited by § 29-406.32;
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(d)(8), 59 DCR 13171.)
The 2013 amendment by D.C. Law 19-210 deleted “real or personal” following “with,” in (4).
(a) If a nonprofit corporation authorizes the exercise of emergency powers in its articles of incorporation or bylaws, in the event of an emergency, the board of directors may:
(1) Notice of a meeting of the board of directors need be given only to those directors it is practicable to reach and may be given in any practicable manner; and
(2) One or more officers of the nonprofit corporation present at a meeting of the board of directors may be deemed to be directors for the meeting, in order of rank and within the same rank in order of seniority.
(c) Corporate action taken in good faith during an emergency to further the ordinary affairs of the nonprofit corporation:
(2) Shall not be used to impose liability on a director, officer, employee, or agent.
(d) An emergency exists for purposes of this section if a quorum of the directors cannot readily be assembled because of some catastrophic event.
(a) Except as otherwise provided in subsection (b) of this section, the validity of corporate action shall not be challenged on the ground that the nonprofit corporation lacks or lacked power to act.
(b) The power of a nonprofit corporation to act may be challenged in a proceeding by:
(1) A member, director, or member of a designated body against the corporation to enjoin the act;
(2) The corporation, directly, derivatively, or through a receiver, trustee, or other legal representative, against an incumbent or former director or member of a designated body, officer, employee, or agent of the corporation; or
(3) The Attorney General for the District of Columbia under § 29-412.20.
(c) In a derivative proceeding under subchapter XI of this chapter by a member, director, or member of a designated body under subsection (b)(1) of this section to enjoin an unauthorized corporate act, the Superior Court may enjoin or set aside the act, if equitable and if all affected persons are parties to the proceeding, and may award damages for loss, other than anticipated profits, suffered by the corporation or another party because of enjoining the unauthorized act.