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§ 5-505. Contents of articles of incorporation

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 5. Agricultural Cooperatives
MD Code, Corporations and Associations, § 5-505
§ 5-505. Contents of articles of incorporation
Currentness
Contents
(a) The incorporators of a cooperative shall sign, acknowledge, and file with the Department, articles of incorporation. The articles of incorporation shall include:
(1) The name of the cooperative;
(2) The name, address, and state of residence of each incorporator;
(3) A statement of the purposes of the cooperative;
(4) The municipal area of its principal office in the State; and
(5) The name and address of its resident agent in the State.
Requirements for organization with capital stock
(b)(1) If the cooperative is organized with capital stock, the articles of incorporation shall state:
(i) The number of shares of stock;
(ii) The par value of each share of stock; and
(iii) The aggregate par value of all shares of stock.
(2) A cooperative may not issue stock without par value.
Property rights
(c) If the cooperative is organized without capital stock, the articles of incorporation shall state whether the property rights of its members are equal or unequal and, if unequal, the rule by which the property rights of members, including members admitted after the original organization, are to be determined.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, §§ 351, 352.
MD Code, Corporations and Associations, § 5-505, MD CORP & ASSNS § 5-505
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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