§ 5-6B-01. Definitions
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2014
Effective: October 1, 2014
MD Code, Corporations and Associations, § 5-6B-01
§ 5-6B-01. Definitions
(b) “Articles of incorporation” means the charter by which a cooperative housing corporation becomes incorporated under this article.
(c) “Assessment” means any share of common costs or other expense charged to a member by a cooperative housing corporation.
(d) “Blanket encumbrance” means any contract binding on a cooperative housing corporation and creating a lien or security interest or other encumbrance or imposing restrictions on any real or personal property owned by the cooperative housing corporation.
(e) “Bylaws” means the document which details and governs the internal organization and operation of the cooperative housing corporation.
(f) “Conversion” means the creation of a cooperative housing corporation from a property which was immediately previously a residential rental facility.
(g) “Cooperative housing corporation” means a domestic or foreign corporation qualified in this State, either stock or nonstock, having only one class of stock or membership, in which each stockholder or member, by virtue of such ownership or membership, has a cooperative interest in the corporation.
(h) “Cooperative interest” means the ownership interest in a cooperative housing corporation which is coupled with a possessory interest in real or personal property or both and evidenced by a membership certificate.
(i) “Cooperative project” means all the real and personal property in this State owned or leased by the cooperative housing corporation for the primary purpose of residential use.
(j)(1) “Developer” means a person who:
(k) “Electronic transmission” means any form of communication, not directly involving the physical transmission of paper, that creates a record that:
(l) “Governing body” means the board of directors or other entity established to govern the cooperative housing corporation.
(m) “Initial purchaser” means a member of the public, not an affiliate of or a successor to the developer, who, for value, acquires a cooperative interest as part of the initial sale of a cooperative interest which is used for residential purposes.
(n) “Initial sale” means the first transfer of a cooperative interest to an initial purchaser.
(p) “Membership certificate” means:
(q) “Moving expenses” means costs incurred to:
(r) “No-impact home-based business” means a business that:
(s)(1) “Proprietary lease” means an agreement with the cooperative housing corporation under which a member has an exclusive possessory interest in a unit and a possessory interest in common with other members in that portion of a cooperative project not constituting units and which creates a legal relationship of landlord and tenant between the cooperative housing corporation and the member, respectively.
(t) “Residential rental facility” means property containing at least 10 dwelling units leased for residential purposes.
Added by Acts 1986, c. 833, 834. Amended by Acts 1989, c. 595; Acts 1998, c. 341, §§ 1, 2, eff. July 1, 1998; Acts 2004, c. 286, § 1, eff. Oct. 1, 2004; Acts 2014, c. 567, § 2, eff. Oct. 1, 2014.
MD Code, Corporations and Associations, § 5-6B-01, MD CORP & ASSNS § 5-6B-01
Current through all legislation from the 2019 Regular Session of the General Assembly.
|End of Document||© 2019 Thomson Reuters. No claim to original U.S. Government Works.|