Effect of dissociation as member.
Upon a member’s dissociation: The person’s right to participate as a member in the management and conduct of the association’s activities and affairs terminates; and 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. 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. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 1102 of the Uniform Limited Cooperative Association Act.
Annotations
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 The 2013 amendment by D.C. Law 19-210 rewrote the section.
Sourced from the DC Council Open Law Library (public domain).
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