(a) Articles of incorporation shall be signed by each of the incorporators and acknowledged by at least 3 of them if individuals, and by the presidents and secretaries, if associations, before an officer authorized to take acknowledgments.

(b) Within the limitations of this chapter, the articles shall contain:

(1) A statement as to the purpose or purposes for which the association is formed;

(2) The name of the association;

(3) The term of existence of the association, which may be perpetual;

(4) The location and address of the principal office of the association;

(5) The information required by § 29-104.04;

(6) The names and addresses of the incorporators of the association;

(7) The names and addresses of the directors who will manage the affairs of the association for the first year, unless sooner changed by the members;

(8) A statement of whether the association is organized with or without shares, and the number of shares or memberships subscribed for;

(9) If organized with shares, a statement of the amount of authorized capital, the number and types of shares and the par value thereof (which may be placed at any figure), and the rights, preferences, and restrictions of each type of share;

(10)(A) The minimum number or value of shares which must be owned to qualify for membership; and

(B) If organized without shares, a statement of whether the property rights of members must be equal or unequal, and if unequal, the rule by which their rights shall be determined;

(11) The maximum amount or percentage of capital which may be owned or controlled by any member, including a statement of whether or not each member is limited to a single share, and whether such single shares are of various par values; and

(12) The method by which any surplus, upon dissolution of the association, is distributed, in conformity with the requirements of § 29-934 for division of the surplus.

(c) The articles may also contain any other provisions, not inconsistent with law or with this chapter, for the conduct of the association’s affairs.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)

2001 Ed., § 29-905.

1981 Ed., § 29-1105.

1973 Ed., § 29-805.

This section is referenced in § 29-101.06 and § 29-902.