§ 5-652. Disposition of property
West's Annotated Code of MarylandCorporations and AssociationsEffective: May 8, 2020
Effective: May 8, 2020
MD Code, Corporations and Associations, § 5-652
Formerly cited as Corporations and Associations 5-640
§ 5-652. Disposition of property
(a)(1) Without authorization by the members and on the conditions the board of directors determines, the board of directors of a cooperative may authorize the execution and delivery of a mortgage or deed of trust of, or the pledging or encumbering of, any or all of the assets of the cooperative, whether acquired or to be acquired, and wherever located, and the revenues and income from the assets, to secure any indebtedness of the cooperative to:
(b)(1) A cooperative may not sell, lease, or otherwise dispose of all or a substantial portion of its assets unless:
Credits
Added as Corporations and Associations § 5-640 by Acts 2002, c. 135, § 3, eff. Oct. 1, 2002. Renumbered as Corporations and Associations 5-652 by Acts 2020, c. 606, § 1, eff. May 8, 2020.
MD Code, Corporations and Associations, § 5-652, MD CORP & ASSNS § 5-652
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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