reglab/housing_qa huggingface dataset:
DC Code § 29-1010.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter X - Contributions, Allocations, and Distributions|§ 29-1010.04. Allocations of profits and losses

(a) The organic rules may provide for allocating profits of a limited cooperative association among members, among persons that are not members but conduct business with the association, to an unallocated account, or to any combination thereof. Unless the organic rules otherwise provide, losses of the association shall be allocated in the same proportion as profits. (b) Unless the organic rules otherwise provide, all profits and losses of a limited cooperative association shall be allocated to patron members. (c) If a limited cooperative association has investor members, the organic rules shall not reduce the allocation to patron members to less than 50% of profits. For purposes of this subsection, the following rules shall apply: (1) Amounts paid or due on contracts for the delivery to the association by patron members of products, goods, or services shall not be considered amounts allocated to patron members. (2) Amounts paid, due, or allocated to investor members as a stated fixed return on equity shall not be considered amounts allocated to investor members. (d) Unless prohibited by the organic rules, in determining the profits for allocation under subsections (a), (b), and (c) of this section, the board of directors may first deduct and set aside a part of the profits to create or accumulate: (1) An unallocated capital reserve; and (2) Reasonable unallocated reserves for specific purposes, including: (A) Expansion and replacement of capital assets; (B) Education, training, and cooperative development; (C) Creation and distribution of information concerning principles of cooperation; and (D) Community responsibility. (e) Subject to subsections (b) and (f) of this section and the organic rules, the board of directors shall allocate the amount remaining after any deduction or setting aside of profits for unallocated reserves under subsection (d) of this section to: (1) Patron members in the ratio of each member’s patronage to the total patronage of all patron members during the period for which allocations are to be made; and (2) Investor members, if any, in the ratio of each investor member’s contributions to the total contributions of all investor members. (f) For purposes of allocation of profits and losses or specific items of profits or losses of a limited cooperative association to members, the organic rules may establish allocation units or methods based on separate classes of members or, for patron members, on class, function, division, district, department, allocation units, pooling arrangements, members’ contributions, or other equitable methods.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1001.09. Editor's Notes Uniform Law: This section is based on § 1004 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1010.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter X - Contributions, Allocations, and Distributions|§ 29-1010.05. Distributions

(a) Unless the organic rules otherwise provide and subject to § 29-1010.07, the board of directors may authorize, and the limited cooperative association may make, distributions to members. (b) Unless the organic rules otherwise provide, distributions to members may be made in any form, including money, capital credits, allocated patronage equities, revolving fund certificates, and the limited cooperative association’s own or other securities.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 1005 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1010.06 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter X - Contributions, Allocations, and Distributions|§ 29-1010.06. Redemption or repurchase

Property distributed to a member by a limited cooperative association, other than money, maybe redeemed or repurchased as provided in the organic rules, but a redemption or repurchase shall not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole discretion. A redemption or repurchase shall be treated as a distribution for purposes of § 29-1010.07.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 1006 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1010.08 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter X - Contributions, Allocations, and Distributions|§ 29-1010.08. Liability for improper distributions; limitation of action

(a) Except as otherwise provided in subsection (b) of this section, if a director of a limited cooperative association consents to a distribution made in violation of § 29-1010.07 and in consenting to the distribution fails to comply with § 29-1008.18, the director is personally liable to the association for the amount of the distribution that exceeds the amount which could have been distributed without violating § 29-1010.07. (b) A person that receives a distribution knowing that the distribution was made in violation of § 29-1010.07 shall be personally liable to the limited cooperative association to the extent the distribution exceeded the amount that could have been properly paid. (c) A director against whom an action is commenced under subsection (a) of this section may implead in the action any: (1) Other person who is liable under subsection (a) of this section and seek to enforce a right of contribution from the person; and (2) Person that receives a distribution in violation of subsection (b) of this section and may seek to enforce a right of contribution from the person in the amount the person received in violation [of] subsection (b) of this section. (d) An action under this section shall be barred if it is commenced later than 2 years after the distribution.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(6)(B), 59 DCR 13171.)  Section References This section is referenced in § 29-1001.02. Effect of Amendments The 2013 amendment by D.C. Law 19-210 rewrote (a); substituted “person that receives” for “member or transferee of financial rights which received” in (b); and rewrote (c). Editor's Notes Uniform Law: This section is based on § 1008 of the Uniform Limited Cooperative Association Act. 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 § 29-1011.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XI - Dissociation|§ 29-1011.02. Effect of dissociation as member

(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.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(7)(B), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 rewrote the section. Editor's Notes Uniform Law: This section is based on § 1102 of the Uniform Limited Cooperative Association Act. 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 § 29-1011.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XI - Dissociation|§ 29-1011.03. Power of legal representative of member

Unless the organic rules provide for greater rights, if a member is dissociated because of death, dies or is expelled by reason of being adjudged incompetent, the member’s personal representative or other legal representative may exercise the rights of a transferee of the member’s financial rights and, for purposes of settling the estate of a deceased member, may exercise the informational rights of a current member to obtain information under § 29-1005.05.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(7)(C), 59 DCR 13171.)  Section References This section is referenced in § 29-1001.09 and § 29-1011.02. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “legal representative” for “estate” in the section heading. Editor's Notes Uniform Law: This section is based on § 1103 of the Uniform Limited Cooperative Association Act. 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 § 29-1012.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.01. Dissolution and winding up

A limited cooperative association shall be dissolved only as provided in this subchapter and, upon dissolution, wind up in accordance with this subchapter.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
DC Code § 29-1012.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.02. Nonjudicial dissolution

Except as otherwise provided in §§ 29-1012.03 and 29-106.02, a limited cooperative association is dissolved and its activities shall be wound up: (1) Upon the occurrence of an event or at a time specified in the articles of organization; (2) Upon the action of the association’s organizers, board of directors, or members under § 29-1012.04 or § 29-1012.05; or (3) Ninety days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association: (A) Has a sole member that is a cooperative; or (B) Not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least 2 members, at least one of which is a patron member.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1001.09 and § 29-1005.02. Editor's Notes Uniform Law: This section is based on § 1202 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1012.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.03. Judicial dissolution

The Superior Court may dissolve a limited cooperative association or order any action that under the circumstances is appropriate and equitable in a proceeding initiated by: (1) The Attorney General for the District of Columbia, if the association: (A) Obtained its articles of organization through fraud; or (B) Has continued to exceed or abuse the authority conferred upon it by law; or (2) A member, if: (A) The directors are deadlocked in the management of the association’s affairs, the members are unable to break the deadlock, and irreparable injury to the association is occurring or is threatened because of the deadlock; (B) The directors or those in control of the association have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent; (C) The members are deadlocked in voting power and have failed to elect successors to directors whose terms have expired for 2 consecutive periods during which annual members meetings were held or were to be held; or (D) The assets of the association are being misapplied or wasted.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1012.02 and § 29-1012.13. Editor's Notes Uniform Law: This section is based on § 1203 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1012.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.04. Voluntary dissolution before commencement of activity

A majority of the organizers or initial directors of a limited cooperative association that has not yet begun business activity or the conduct of its affairs may dissolve the association.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1012.02 and § 29-1012.05. Editor's Notes Uniform Law: This section is based on § 1204 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1012.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.05. Voluntary dissolution by the board and members

(a) Except as otherwise provided in § 29-1012.04, for a limited cooperative association to voluntarily dissolve: (1) A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules; (2) The board of directors shall call a members meeting to consider the resolution, to be held not later than 90 days after adoption of the resolution; and (3) The board of directors shall mail or otherwise transmit or deliver to each member in a record that complies with § 29-1005.08: (A) The resolution required by paragraph (1) of this subsection; (B) A recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumstances, it should not make a favorable recommendation, the basis of that determination; and (C) Notice of the members meeting, which shall be given in the same manner as notice of a special meeting of members. (b) Subject to subsection (c) of this section, a resolution to dissolve shall be approved by: (1) At least 2/3 of the voting power of members present at a members meeting called under subsection (a)(2) of this section; and (2) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage. (c) The organic rules may require that the percentage of votes under subsection (b)(1) of this section shall be: (1) A different percentage that is not less than a majority of members voting at the meeting; or (2) Measured against the voting power of all members; or (3) A combination of paragraphs (1) and (2) of this subsection.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1001.09 and § 29-1012.02. Editor's Notes Uniform Law: This section is based on § 1205 of the Uniform Limited Cooperative Association Act.
DC Code § 29-1012.06 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.06. Winding up

(a) A dissolved limited cooperative association shall wind up its activities and affairs, and except as provided in § 29-1012.07, continue after dissolution only for the purpose of winding up. (b) In winding up a limited cooperative association’s activities, the board of directors: (1) Shall discharge its liabilities, settle and close its activities, and marshal and distribute its assets; and (2) May: (A) Preserve the association or its property as a going concern for no more than a reasonable time; (B) Prosecute and defend actions and proceedings; (C) Settle disputes by mediation or arbitration; (D) Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated; (E) Transfer the association’s property; and (F) Perform other acts necessary or appropriate to the winding up. (c) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the Superior Court may order judicial supervision of the winding up of the association, including the appointment of a person to wind up the association’s activities, if: (1) After a reasonable time, the association has not wound up its activities; or (2) The applicant establishes other good cause. (d) If a person is appointed pursuant to subsection (c) of this section to wind up the activities of a limited cooperative association, the association shall promptly deliver to the Mayor for filing an amendment to the articles of organization to reflect the appointment.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(A), 59 DCR 13171.)  Section References This section is referenced in § 29-1002.01. Effect of Amendments The 2013 amendment by D.C. Law 19-210 rewrote the section. Editor's Notes Uniform Law: This section is based on § 1206 of the Uniform Limited Cooperative Association Act. 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 § 29-1012.07 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.07. Distribution of assets in winding up limited cooperative association

(a) In winding up a limited cooperative association’s activities and affairs, the association shall apply its assets to discharge its obligations to creditors, including members that are creditors. The association shall apply any remaining assets to pay, in money, the net amount distributable to members in accordance with their right to distributions under subsection (b) of this section. (b)(1) Unless the organic rules otherwise provide, for the purposes of this subsection, the term “financial interests” means the amounts recorded in the names of members in the records of a limited cooperative association at the time a distribution is made, including amounts paid to become a member, amounts allocated but not distributed to members, and amounts of distributions authorized but not yet paid to members. (2) Unless the organic rules otherwise provide, each member shall be entitled to a distribution from the association of any remaining assets in the proportion of the member’s financial interests to the total financial interests of the members after all other obligations are satisfied.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(B), 59 DCR 13171.)  Section References This section is referenced in § 29-1010.07 and § 29-1012.06. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “activities and affairs” for “business” in (a). Editor's Notes Uniform Law: This section is based on § 1207 of the Uniform Limited Cooperative Association Act. 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 § 29-1012.08 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 10 - Limited Cooperative Associations|Subchapter XII - Dissolution|§ 29-1012.08. Known claims against dissolved limited cooperative association

(a) Subject to subsection (d) of this section, a dissolved limited cooperative association may give notice of a known claim under subsection (b) of this section, which has the effect provided in subsection (c) of this section. (b) A dissolved limited cooperative association may notify its known claimants of the dissolution in a record. The notice shall: (1) Specify that a claim be in a record; (2) Specify the information required to be included in the claim; (3) Provide an address to which the claim must be sent; (4) State the deadline for receipt of the claim, which shall not be less than 120 days after the date the notice is received by the claimant; and (5) State that the claim will be barred if not received by the deadline. (c) A claim against a dissolved limited cooperative association shall be barred if the requirements of subsection (b) of this section are met and: (1) The association is not notified of the claimant’s claim, in a record, by the deadline specified in the notice under subsection (b)(4) of this section; (2) In the case of a claim that is timely received but rejected by the association, the claimant does not commence an action to enforce the claim against the association within 90 days after receipt of the notice of the rejection; or (3) If a claim is timely received but is not accepted or rejected by the association within 120 days after the deadline for receipt of claims, the claimant does not commence an action to enforce the claim against the association within 90 days after the 120-day period. (d) This section shall not apply to a claim based on an event occurring after the effective date of dissolution or a liability that is contingent on that date.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(C), 59 DCR 13171.)  Section References This section is referenced in § 29-1010.07, § 29-1012.09, and § 29-1012.10. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “give notice of a known claim under subsection (b) of this section, which has the effect provided in subsection (c) of this section” for “dispose of the known claims against it by following the procedure in subsections (b) and (c) of this section” in (a); and substituted “effective date” for the first occurrence of “date” in (d). Editor's Notes Uniform Law: This section is based on § 1208 of the Uniform Limited Cooperative Association Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.