(a) A limited cooperative association shall have a board of directors of at least 3 individuals, unless the association has fewer than 3 members. If the association has fewer than 3 members, the number of directors shall not be fewer than the number of members.
(b) The affairs of a limited cooperative association shall be managed by, or under the direction of, the board of directors. The board may adopt policies and procedures that do not conflict with the organic rules or this chapter.
(c) An individual shall not be an agent for a limited cooperative association solely by being a director.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Uniform Law: This section is based on § 801 of the Uniform Limited Cooperative Association Act. Edition
Structure District of Columbia Code
Title 29 - Business Organizations. [Enacted title]
Chapter 10 - Limited Cooperative Associations
Subchapter VIII - Directors and Officers
§ 29–1008.01. Board of directors
§ 29–1008.02. No liability as director for limited cooperative association’s obligations
§ 29–1008.03. Qualifications of directors
§ 29–1008.04. Election of directors and composition of board
§ 29–1008.05. Term of director
§ 29–1008.06. Resignation of director
§ 29–1008.07. Removal of director
§ 29–1008.08. Suspension of director by board
§ 29–1008.09. Vacancy on board
§ 29–1008.10. Remuneration of directors
§ 29–1008.12. Action without meeting
§ 29–1008.13. Meetings and notice
§ 29–1008.14. Waiver of notice of meeting
§ 29–1008.18. Standards of conduct and liability
§ 29–1008.19. Conflict of interest
§ 29–1008.20. Other considerations of directors
§ 29–1008.21. Right of director or committee member to information