The bylaws may give the directors the power to use the reserve funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership. The bylaws may also provide that if any member has failed to patronize the association during a period of time specified in the bylaws, the directors may use the reserve funds to recall all the member’s holdings and thereupon the member shall cease to be a member of the association. When so recalled, the certificates of share or membership capital shall be either reissued or canceled.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
2001 Ed., § 29-927.
1981 Ed., § 29-1127.
1973 Ed., § 29-827.
This section is referenced in § 29-925.
Structure District of Columbia Code
Title 29 - Business Organizations. [Enacted title]
Chapter 9 - General Cooperative Associations
§ 29–904. Purposes for incorporation
§ 29–905. Powers of association
§ 29–906. Articles of incorporation — Contents
§ 29–908. Bylaws; adoption, amendment, or repeal
§ 29–910. Meetings; regular and special
§ 29–911. Meetings; regular and special — Notice
§ 29–912. Meetings; regular and special — Units of membership
§ 29–913. Voting — Number permitted by each member
§ 29–914. Voting — Proxy prohibited
§ 29–915. Voting — By mail or by electronic mail
§ 29–916. Voting provisions — Application to voting by mail or electronic mail
§ 29–917. Voting provisions — Application to voting by delegates
§ 29–920. Removal of directors and officers; vote required for approval; vacancies
§ 29–921. Referendum on acts of directors
§ 29–922. Limitations upon the return on capital
§ 29–923. Eligibility and admission to membership
§ 29–925. Share and membership certificates; issuance and contents
§ 29–926. Transfer of shares and memberships; withdrawal
§ 29–927. Share and membership certificates — Recall
§ 29–928. Share and membership certificates — Exemption for attachment, execution and garnishment
§ 29–929. Liability of members
§ 29–930. Expulsion of members; procedure; purchase of holdings
§ 29–931. Allocation and distribution of net savings
§ 29–932. Bonding of officers and employees
§ 29–934. Dissolution; methods; vote required for approval; distribution of assets
§ 29–936. Foreign corporations and associations; admission to do business
§ 29–937. Compliance with chapter; not in restraint of trade
§ 29–938. Chapter 3 of this title applicable to associations