Share and membership certificates — Exemption for attachment, execution and garnishment. The holdings of any member of an association, to the extent of the minimum amount necessary for membership, but not to exceed $500, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subjected to such liability, the directors of the association may either admit the purchaser thereof to membership or may purchase from the purchaser the holdings at par value. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.) Prior Codifications 2001 Ed., § 29-928. 1981 Ed., § 29-1128. 1973 Ed., § 29-828.
District of Columbia Legal Code