reglab/housing_qa huggingface dataset:
DC Code § 28-4804.15 (2021)
2021 District of Columbia Code|Title 28 - Commercial Instruments and Transactions. [Enacted title]|Chapter 48 - Principal and Income; Uniform Law|Subchapter IV - Allocation of Receipts During Administration of Trust|Subpart 3 - Receipts Normally Apportioned|§ 28-4804.15. Asset-backed securities

(a) For the purposes of this section, the term “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term “asset-backed security” includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term “asset-backed security” does not include an asset to which § 28-4804.01 or § 28-4804.09 applies. (b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal. (c) If a trust receives one or more payments in exchange for the trust’s entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust’s interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.  (Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)  Section References This section is referenced in § 28-4804.01, § 28-4804.02, § 28-4804.06, § 28-4804.08, and § 28-4804.10. Editor's Notes Uniform Law: This section is based upon § 415 of the Uniform Principal and Income Act (1997 Act).
DC Code § 29-301.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter I - General Provisions|Part A - Short Title, Definitions, and Notice|§ 29-301.01. Short title

This chapter may be cited as the “Business Corporation Act of 2010”.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 44-603. Cross References Cooperative associations, applicability of this chapter, see § 29-938. Reciprocal insurance company conversions, applicability of this chapter, see § 31-754.
DC Code § 29-301.20 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter I - General Provisions|Part B - Number of Shareholders; Qualified Director; Householding|§ 29-301.20. Number of shareholders

(a) For the purposes of this chapter, the following identified as a shareholder in a corporation’s current record of shareholders constitutes one shareholder: (1) Three or fewer co-owners; (2) A corporation, partnership, trust, estate, or other entity; (3) The trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account. (b) For the purposes of this chapter, shareholdings registered in substantially similar names shall constitute one shareholder if it is reasonable to believe that the names represent the same person.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-301.21 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter I - General Provisions|Part B - Number of Shareholders; Qualified Director; Householding|§ 29-301.21. Qualified director

(a) For the purposes of this section, the term: (1) “Material interest” means an actual or potential benefit or detriment, other than one which would devolve on the corporation or the shareholders generally, that would reasonably be expected to impair the objectivity of the director’s judgment when participating in the action to be taken. (2) “Material relationship” means a familial, financial, professional, employment, or other relationship that would reasonably be expected to impair the objectivity of the director’s judgment when participating in the action to be taken. (b) A qualified director is a director who: (1) At the time action is to be taken under § 29-305.54, does not have: (A) A material interest in the outcome of the proceeding; or (B) A material relationship with a person that has such an interest; (2) At the time action is to be taken under § 29-306.53 or 29-306.55: (A) Is not a party to the proceeding; (B) Is not a director as to whom a transaction is a director’s conflicting interest transaction or who sought a disclaimer of the corporation’s interest in a business opportunity under § 29-306.80, which transaction or disclaimer is challenged in the proceeding; and (C) Does not have a material relationship with a director described in either subparagraph (A) or (B) of this paragraph; (3) At the time action is to be taken under § 29-306.72, is not a director: (A) As to whom the transaction is a director’s conflicting interest transaction; or (B) Who has a material relationship with another director as to whom the transaction is a director’s conflicting interest transaction; or (4) At the time action is to be taken under § 29-306.80, would be a qualified director under subsection (b)(3) of this section if the business opportunity were a director’s conflicting interest transaction. (c) The presence of one or more of the following circumstances shall not by itself prevent a director from being a qualified director: (1) Nomination or election of the director to the current board by any director who is not a qualified director with respect to the matter, or by any person that has a material relationship with that director, acting alone or participating with others; (2) Service as a director of another corporation of which a director who is not a qualified director with respect to the matter, or any individual who has a material relationship with that director, is or was also a director; or (3) With respect to action to be taken under § 29-305.54, status as a named defendant, as a director against whom action is demanded, or as a director who approved the conduct being challenged.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-301.22 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter I - General Provisions|Part B - Number of Shareholders; Qualified Director; Householding|§ 29-301.22. Householding

(a) A corporation shall have delivered written notice or any other report or statement under this chapter, the articles of incorporation, or the bylaws to all shareholders who share a common address if: (1) The corporation delivers one copy of the notice, report, or statement to the common address; (2) The corporation addresses the notice, report, or statement to those shareholders either as a group or to each of those shareholders individually or to the shareholders in a form to which each of those shareholders has consented; and (3) Each of those shareholders consents to delivery of a single copy of the notice, report, or statement to the shareholders’ common address. (b) Any consent under subsection (a)(3) of this section shall be revocable by any of such shareholders that delivers written notice of revocation to the corporation. If the written notice of revocation is delivered, the corporation shall begin providing individual notices, reports, or other statements to the revoking shareholder no later than 30 days after delivery of the written notice of revocation. (c) Any shareholder that fails to object by written notice to the corporation, within 60 days of written notice by the corporation of its intention to send single copies of notices, reports, or statements to shareholders that share a common address as permitted by subsection (a) of this section, shall be deemed to have consented to receiving such single copy at the common address.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part A - Shares|§ 29-304.01. Authorized shares

(a) The articles of incorporation shall set forth any classes of shares and series of shares within a class, and the number of shares of each class and series, that the corporation is authorized to issue. If more than one class or series of shares is authorized, the articles of incorporation shall prescribe a distinguishing designation for each class or series and shall describe, prior to the issuance of shares of a class or series, the terms, including the preferences, rights, and limitations, of that class or series. Except to the extent varied as permitted by this section, all shares of a class or series must have terms, including preferences, rights, and limitations, that are identical with those of other shares of the same class or series. (b) The articles of incorporation shall authorize: (1) One or more classes or series of shares that together have unlimited voting rights; and (2) One or more classes or series of shares, which may be the same class or classes as those with voting rights, that together are entitled to receive the net assets of the corporation upon dissolution. (c) The articles of incorporation may authorize one or more classes or series of shares that: (1) Have special, conditional, or limited voting rights, or no right to vote, except to the extent otherwise provided by this chapter; (2) Are redeemable or convertible as specified in the articles of incorporation: (A) At the option of the corporation, the shareholder, or another person or upon the occurrence of a specified event; (B) For money, indebtedness, securities, or other property; and (C) At prices and in amounts: (i) Specified; or (ii) Determined in accordance with a formula; (3) Entitle the holders to distributions calculated in any manner, including dividends that may be cumulative, noncumulative, or partially cumulative; or (4) Have preference over any other class or series of shares with respect to distributions, including distributions upon the dissolution of the corporation. (d) Terms of shares may be made dependent upon facts objectively ascertainable outside the articles of incorporation in accordance with § 29-301.04. (e) Any of the terms of shares may vary among holders of the same class or series so long as the variations are expressly set forth in the articles of incorporation. (f) The description of the preferences, rights, and limitations of classes or series of shares in subsection (c) of this section is not exhaustive.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(c)(5), 59 DCR 13171.)  Section References This section is referenced in § 29-304.02. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “money” for “cash” in (c)(2)(B). Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-304.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part A - Shares|§ 29-304.02. Terms of class or series determined by board of directors

(a) If the articles of incorporation so provide, the board of directors may, without shareholder approval: (1) Classify any unissued shares into one or more classes or into one or more series within a class; (2) Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or (3) Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class. (b) If the board of directors acts pursuant to subsection (a) of this section, it shall determine the terms, including the preferences, rights, and limitations, to the same extent permitted under § 29-304.01, of: (1) Any class of shares before the issuance of any shares of that class; or (2) Any series within a class before the issuance of any shares of that series. (c) Before issuing any shares of a class or series created under this section, the corporation shall deliver to the Mayor for filing articles of amendment setting forth the terms determined under subsection (a) and (b) of this section.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-304.20 and § 29-308.05.
DC Code § 29-304.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part A - Shares|§ 29-304.03. Issued and outstanding shares

(a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued shall be outstanding shares until they are reacquired, redeemed, converted, or canceled. (b) The reacquisition, redemption, or conversion of outstanding shares shall be subject to the limitations of subsection (c) of this section and to § 29-304.60. (c) At all times that shares of the corporation are outstanding, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution must be outstanding.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part A - Shares|§ 29-304.04. Fractional shares

(a) A corporation may: (1) Issue fractions of a share or pay, in money, the value of fractions of a share; (2) Arrange for disposition of fractional shares by the shareholders; or (3) Issue scrip in registered or bearer form entitling the holder to receive a full share upon surrendering enough scrip to equal a full share. (b) Each certificate representing scrip shall be conspicuously labeled “scrip” and shall contain the information required by § 29-304.25(b). (c) The holder of a fractional share shall be entitled to exercise the rights of a shareholder, including the right to vote, to receive dividends, and to participate in the assets of the corporation upon liquidation. The holder of scrip shall not be entitled to any of these rights unless the scrip provides for them. (d) The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including that the: (1) Scrip will become void if not exchanged for full shares before a specified date; and (2) Shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.20 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.20. Subscription for shares before incorporation

(a) A subscription for shares entered into before incorporation shall be irrevocable for 6 months unless the subscription agreement provides a longer or shorter period or all the subscribers agree to revocation. (b) The board of directors may determine the payment terms of subscription for shares that were entered into before incorporation, unless the subscription agreement specifies them. A call for payment by the board of directors shall be uniform so far as practicable as to all shares of the same class or series, unless the subscription agreement specifies otherwise. (c) Shares issued pursuant to subscriptions entered into before incorporation shall be fully paid and nonassessable when the corporation receives the consideration specified in the subscription agreement. (d) If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation, the corporation may collect the amount owed as any other debt. Alternatively, unless the subscription agreement provides otherwise, the corporation may rescind the agreement and may sell the shares if the debt remains unpaid for more than 20 days after the corporation sends written demand for payment to the subscriber. (e) A subscription agreement entered into after incorporation shall be a contract between the subscriber and the corporation subject to § 29-304.02.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.22 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.22. Liability of shareholders

(a) A purchaser from a corporation of its own shares shall not be liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription agreement. (b) Unless otherwise provided in the articles of incorporation, a shareholder shall not be personally liable for the acts or debts of the corporation, except that the shareholder may become personally liable by reason of the shareholder’s own acts or conduct.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.23 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.23. Share dividends

(a) Unless the articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation’s shareholders or to the shareholders of one or more classes or series. An issuance of shares under this subsection shall be a share dividend. (b) Shares of one class or series shall not be issued as a share dividend in respect of shares of another class or series unless: (1) The articles of incorporation so authorize; (2) A majority of the votes entitled to be cast by the class or series to be issued approve the issue; or (3) There are no outstanding shares of the class or series to be issued. (c) If the board of directors does not fix the record date for determining shareholders entitled to a share dividend, the record date shall be the date the board of directors authorizes the share dividend.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.24 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.24. Share options

(a)(1) A corporation may issue rights, options, or warrants for the purchase of shares or other securities of the corporation. The board of directors shall determine: (A) The terms upon which the rights, options, or warrants are issued; and (B) The terms, including the consideration, for which the shares or other securities are to be issued. (2) The authorization by the board of directors for the corporation to issue the rights, options, or warrants under paragraph (1) of this subsection shall constitute authorization of the issuance of the shares or other securities for which the rights, options, or warrants are exercisable. (b) The terms and conditions of the rights, options, or warrants, including those outstanding on the effective date of this section, may include restrictions or conditions that: (1) Preclude or limit the exercise, transfer, or receipt of the rights, options, or warrants by any person owning or offering to acquire a specified number or percentage of the outstanding shares or other securities of the corporation or by any transferee of any such person; or (2) Invalidate or void the rights, options, or warrants held by any such person or any such transferee.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-304.25 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.25. Form and content of certificates

(a) Shares may, but need not, be represented by certificates. Unless this chapter or another law expressly provides otherwise, the rights and obligations of shareholders shall be identical whether or not their shares are represented by certificates. (b) At a minimum, each share certificate shall state on its face: (1) The name of the issuing corporation and that it is organized under the law of the District; (2) The name of the person to which issued; and (3) The number and class of shares and the designation of the series, if any, the certificate represents. (c) If the issuing corporation is authorized to issue different classes of shares or different series within a class, the designations, relative rights, preferences, and limitations applicable to each class and the variations in rights, preferences, and limitations determined for each series, and the authority of the board of directors to determine variations for future series, shall be summarized on the front or back of each certificate. Alternatively, each certificate may state conspicuously on its front or back that the corporation will furnish the shareholder this information on request in writing and without charge. (d) Each share certificate: (1) Shall be signed, either manually or in facsimile, by 2 officers designated in the bylaws or by the board of directors; and (2) May bear the corporate seal or its facsimile. (e) If the officer who signed, either manually or in facsimile, a share certificate no longer holds office when the certificate is issued, the certificate shall nevertheless be valid.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-304.04 and § 29-304.26.
DC Code § 29-304.26 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 3 - Business Corporations|Subchapter IV - Shares and Distributions|Part B - Issuance of Shares|§ 29-304.26. Shares without certificates

(a) Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the shares of any or all of its classes or series without certificates. The authorization shall not affect shares already represented by certificates until they are surrendered to the corporation. (b) Within a reasonable time after the issue or transfer of shares without certificates, the corporation shall send the shareholder a written statement of the information required on certificates by § 29-304.25(b) and (c), and, if applicable, § 29-304.27.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-304.27 and § 29-305.42.