District Of Columbia § 29-306.80 - Business opportunities.
Full text of District Of Columbia D.C. Code § 29-306.80 — Business opportunities., with citation guidance and answers to common questions.
§ 29-306.80. Business opportunities.
29-306.80A director’s taking advantage, directly or indirectly, of a business opportunity shall not be the subject of equitable relief, or give rise to an award of damages or other sanctions against the director, in a proceeding by or in the right of the corporation on the ground that the opportunity should have first been offered to the corporation, if, before becoming legally obligated respecting the opportunity, the director brings it, to the attention of the corporation and:
Action by qualified directors disclaiming the corporation’s interest in the opportunity is taken in compliance with the procedures set forth in , as if the decision being made concerned a director’s conflicting interest transaction; or
Shareholders’ action disclaiming the corporation’s interest in the opportunity is taken in compliance with the procedures set forth in , as if the decision being made concerned a director’s conflicting interest transaction; provided, that rather than making “required disclosure” as defined in , in each case the director shall have made prior disclosure to those acting on behalf of the corporation of all material facts concerning the business opportunity that are then known to the director.
In any proceeding seeking equitable relief or other remedies based upon an alleged improper taking advantage of a business opportunity by a director, the fact that the director did not employ the procedure described in subsection (a) of this section before taking advantage of the opportunity shall not create an inference that the opportunity should have been first presented to the corporation or alter the burden of proof otherwise applicable to establish that the director breached a duty to the corporation in the circumstances.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 29-306.80
What does D.C. Code § 29-306.80 cover?
Section 29-306.80 ("Business opportunities.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 29-306.80?
A common citation format is "D.C. Code § 29-306.80" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 29-306.80 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.