Title 29 — Business Organizations. [Enacted title]
13 chapters · 915 sections in this title.
D.C. Code § 29-1206.14 Special litigation committee
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(a) If a statutory trust is named as or made a party in a derivative proceeding, the trust may appoint a special litigation committee to investigate the claims asserted in the proceeding and determine whether pursuing the action is in the best interests of the trust. If the trust…
D.C. Code § 29-1206.15 Limitations on distributions
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(a) A statutory trust may not make a distribution, including a distribution under § 29-1208.03(b)(2), if after the distribution: (1) The trust would not be able to pay its debts as they become due in the ordinary course of the trust’s activities and affairs; or (2) The trust’s to…
D.C. Code § 29-1206.16 Liability for improper distributions
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(a) If a trustee of a statutory trust consents to a distribution made in violation of § 29-1206.15 and in consenting to the distribution fails to comply with § 29-1205.05, the trustee is personally liable to the trust or the series thereof for the amount of the distribution which…
D.C. Code § 29-1207.01 Definitions
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For the purposes of this subchapter, the term: (1) “Constituent statutory trust” means a statutory trust that is party to a merger. (2) “Governing law” means the law that governs the organization’s internal affairs. (3)(A) “Organization” means: (i) A common-law trust that does no…
D.C. Code § 29-1207.02 Merger
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(a) A statutory trust may merge with one or more other constituent organizations pursuant to this section, §§ 29-1207.03 through 29-1207.05, and a plan of merger if: (1) The merger is not prohibited by the governing law of any constituent organization; and (2) Each of the other o…
D.C. Code § 29-1207.03 Action on plan of merger by constituent statutory trust
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(a) A plan of merger shall be consented to by all trustees and all beneficial owners of a constituent statutory trust. (b) After a merger is approved, and at any time before a filing is made under § 29-1207.04, a constituent statutory trust may amend the plan or abandon the plann…
D.C. Code § 29-1207.04 Filings required for merger; effective date
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(a) After each constituent organization has approved a merger, articles of merger shall be signed on behalf of each: (1) Constituent statutory trust, by one or more trustees or other authorized representative; and (2) Other constituent organization, by an authorized representativ…
D.C. Code § 29-1207.05 Effect of merger
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(a) When a merger becomes effective: (1) The surviving organization shall continue or comes into existence; (2) Each constituent organization that merges with the surviving organization shall cease to exist as a separate organization; (3) All property owned by each constituent or…
D.C. Code § 29-1207.06 Chapter not exclusive
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This chapter shall not preclude an organization from being merged under law other than this chapter.
D.C. Code § 29-1208.01 Events causing dissolution
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A statutory trust shall be dissolved only by: (1) An administrative dissolution under §§ 29-106.01 and 29-106.02; or (2) The filing of articles of dissolution under § 29-1208.02: (A) As provided in the certificate of trust; or (B) With the approval of all the beneficial owners.
D.C. Code § 29-1208.02 Articles of dissolution
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(a) If dissolution of a statutory trust is authorized under § 29-1208.01, the trust shall deliver to the Mayor for filing articles of dissolution setting forth the: (1) Name of the trust; and (2) Date of the dissolution. (b) Except as otherwise provided in § 29-102.03, a statutor…
D.C. Code § 29-1208.03 Winding up
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(a) A dissolved statutory trust shall wind up its activities and the trust and each series thereof shall continue after dissolution only for the purpose of its winding up. (b) In winding up its activities, a statutory trust shall: (1) Discharge the trust’s debts, obligations, and…
D.C. Code § 29-1208.04 Known claims against dissolved statutory trust
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(a) Except as otherwise provided in subsection (c) of this section, a dissolved statutory trust may give notice of a known claim which has the effect provided in subsection (b) of this section. The trust may, in a record, notify its known claimants of the dissolution. The notice …
D.C. Code § 29-1208.05 Other claims against dissolved statutory trust
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(a) A dissolved statutory trust may publish notice of its dissolution and request persons having claims against the trust to present them in accordance with the notice. (b) A notice under subsection (a) of this section shall: (1) Be published at least once in a newspaper of gener…
D.C. Code § 29-1208.06 Court proceedings
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(a) A dissolved statutory trust that has published a notice under § 29-1208.05 may file an application with the Superior Court, or, if the principal office is not located in the District, in the appropriate court where the office of its principal office is located, for a determin…
D.C. Code § 29-1209.01 Application to existing relationships
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(a) This chapter shall not limit, prohibit, or invalidate the existence, acts, or obligations of any common-law trust created or doing business in the District before or after the applicability date of this chapter. The laws of the District other than this chapter pertaining to t…