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.)
Uniform Law: This section is based on § 1006 of the Uniform Limited Cooperative Association Act.
Structure District of Columbia Code
Title 29 - Business Organizations. [Enacted title]
Chapter 10 - Limited Cooperative Associations
Subchapter X - Contributions, Allocations, and Distributions
§ 29–1010.01. Members’ contributions
§ 29–1010.02. Contribution and valuation
§ 29–1010.03. Contribution agreements
§ 29–1010.04. Allocations of profits and losses
§ 29–1010.06. Redemption or repurchase
§ 29–1010.07. Limitations on distributions
§ 29–1010.08. Liability for improper distributions; limitation of action