{"data":{"id":"us-dc/d.c.-code-29-1014.04","jurisdiction":"us-dc","citation":"D.C. Code § 29-1014.04","heading":"Disposition of assets.","body":"(a)\nSubject to subsection (b) of this section, a disposition of assets under § 29-1014.02 shall be approved by:\n(1)\nAt least 2/3 of the voting power of members present at a members meeting called under § 29-1014.03(2); and\n(2)\nIf 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 vote by patron members.\n\n(b)\nThe organic rules may require that the percentage of votes under subsection (a)(1) of this section shall be:\n(1)\nA different percentage that is not less than a majority of members voting at the meeting;\n(2)\nMeasured against the voting power of all members; or\n(3)\nA combination of paragraphs (1) and (2) of this subsection.\n\n(c)\nSubject to any contractual obligations, after a disposition of assets is approved and at any time before the consummation of the disposition, a limited cooperative association may approve an amendment to the contract for disposition or the resolution authorizing the disposition or approve abandonment of the disposition:\n(1)\nAs provided in the contract or the resolution; and\n(2)\nExcept as prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition.\n\n(d)\nThe voting requirements for districts, classes, or voting groups under § 29-1004.04 apply to approval of a disposition of assets under this subchapter.","path":["Title 29. Business Organizations. [Enacted title]","Chapter 10. Limited Cooperative Associations.","Subchapter XIV. Disposition of Assets."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/29-1014.04","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"f945878533741a534f773b37b1f7adbdbd31414f75141c4cdf2db970fa911374","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-29-1014.03","next":"us-dc/d.c.-code-29-1015.01"},"notice":"GroundRules: Original legal text. Not legal advice."}