Home Table of Contents

§ 5-506. Amendment of charter

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, § 5-506
§ 5-506. Amendment of charter
Currentness
The charter of a cooperative may be amended as provided in Title 2 of this article, except that:
(1) An amendment which alters the contract or property rights of any outstanding stock or of any member is not valid unless approved in person or by mail by the affirmative vote of:
(i) Two thirds of all the members; or
(ii) Two thirds of each class of members whose rights would be altered;
(2) Notwithstanding any other provision of this article, the requirement of item (1) of this section for a two-thirds vote may not be lowered by the charter of the cooperative; and
(3) Any objecting member whose contract or property rights are substantially adversely affected by the amendment, on compliance with the provisions of Title 3, Subtitle 2 of this article, has the same rights with respect to his contract and property rights as an objecting stockholder has with respect to his stock.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 353.
MD Code, Corporations and Associations, § 5-506, MD CORP & ASSNS § 5-506
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.
End of Document