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District of Columbia Official Code 2001 Edition. |
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Division I. Government of District. |
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Title 2. Government Administration. |
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Chapter 2. Contracts. |
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Subchapter IX-A. Small, Local, and Disadvantaged Business Enterprise Development and Assistance. |
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Part D. Programs for Certified Business Enterprises. |
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Subpart 1. Certified Business Enterprises.
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Current through October 23, 2012
(a) A business enterprise shall be eligible for certification as a joint venture business enterprise if the joint venture has a member that owns a majority interest or minority interest in the joint venture business enterprise and meets the definition of a certified business enterprise pursuant to § 2- 218.02.
(b) For the purposes of this section, the term:
(1) "Majority interest" means:
(A) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise or more than 50% of the total value of all of the joint venture business enterprise;
(B) A financial contribution to the enterprise of more than 50%; and
(C) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(2) "Minority interest" means:
(A) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise or less than 50% of the total value of all of the joint venture business enterprise;
(B) A financial contribution to the enterprise of less than 50%; and
(C) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(c) The Department shall consider the defined contributions and defined benefits provided by each member of the joint venture, which shall be demonstrated by the following information:
(1) Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members; and
(2) Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements.
(d) Decisions concerning the affairs of the business shall require the consent of those members with voting rights holding at least a majority interest in the business.
(Oct. 20, 2005, D.C. Law 16-33, § 2339a, as added Apr. 20, 2010, D.C. Law 18-141, § 2(g), 57 DCR 1485.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 18-141, see notes following § 2-218.02.
