Share and membership certificates — Recall. 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.) Prior Codifications 2001 Ed., § 29-927. 1981 Ed., § 29-1127. 1973 Ed., § 29-827. Section References This section is referenced in § 29-925.
District of Columbia Legal Code