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§ 5-6B-26. Books and records

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2014

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6b. Maryland Cooperative Housing Corporation Act (Refs & Annos)
Effective: October 1, 2014
MD Code, Corporations and Associations, § 5-6B-26
§ 5-6B-26. Books and records
(a)(1)(i) Except as provided in paragraph (2) of this subsection, all books and records kept by or on behalf of a cooperative housing corporation shall be made available for examination or copying, or both, by a member, a member's mortgagee, or their respective duly authorized agents or attorneys, during normal business hours, and after reasonable notice.
(ii) If a member requests in writing a copy of financial statements of the cooperative housing corporation or the minutes of a meeting of the board of directors or other governing body of the cooperative housing corporation to be delivered, the board of directors or other governing body of the cooperative housing corporation shall compile and send the requested information by mail, electronic transmission, or personal delivery:
1. Within 21 days after receipt of the written request, if the financial statements or minutes were prepared within the 3 years immediately preceding receipt of the request; or
2. Within 45 days after receipt of the written request, if the financial statements or minutes were prepared more than 3 years before receipt of the request.
(2) Books and records kept by or on behalf of a cooperative housing corporation may be withheld from public inspection, except for inspection by the person who is the subject of the record or the person's designee or guardian, to the extent that they concern:
(i) Personnel records, not including information on individual salaries, wages, bonuses, and other compensation paid to employees;
(ii) An individual's medical records;
(iii) An individual's personal financial records, including assets, income, liabilities, net worth, bank balances, financial history or activities, and creditworthiness;
(iv) Records relating to business transactions that are currently in negotiation;
(v) The written advice of legal counsel; or
(vi) Minutes of a closed meeting of the board of directors or other governing body of the cooperative housing corporation, unless a majority of a quorum of the board of directors or governing body that held the meeting approves unsealing the minutes or a recording of the minutes for public inspection.
(b)(1) Except for a reasonable charge imposed on a person desiring to review or copy the books and records or who requests delivery of information, the cooperative housing corporation may not impose any charges under this section.
(2) A charge imposed under paragraph (1) of this subsection for copying books and records may not exceed the limits authorized under Title 7, Subtitle 2 of the Courts Article.

Credits

Added as Corporations and Associations § 5-6B-18.5 by Acts 2004, c. 382, § 1, eff. Oct. 1, 2004. Amended by Acts 2009, c. 659, § 1, eff. Oct. 1, 2009. Renumbered as Corporations and Associations § 5-6B-26 by Acts 2014, c. 567, § 1, eff. Oct. 1, 2014.

Editors' Notes

HISTORICAL AND STATUTORY NOTES
2004 Legislation
Acts 2004, c. 286, § 1, and Acts 2004, c. 382, § 1, both added § 5-6B-18.3. The section added by Acts 2004, c. 286, § 1, related to notice and delivery by electronic transmission, has been designated as Corporations and Associations § 5-6B-18.3. The section added by Acts 2004, c. 382, § 1, related to examination of books and records, has been designated as Corporations and Associations § 5-6B-18.5.
MD Code, Corporations and Associations, § 5-6B-26, MD CORP & ASSNS § 5-6B-26
Current through all legislation from the 2017 Regular Session of the General Assembly
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