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§ 5-518. Removal, directors and officers

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, § 5-518
§ 5-518. Removal, directors and officers
Currentness
Removal
(a)(1) Any member of a cooperative may bring charges of misconduct or incompetency against a director by filing with the secretary of the cooperative a written petition signed by 10 percent of the members or 25 members, whichever is less, specifying the charges and requesting removal of the director.
(2) The question of removal shall be voted on at the next regular or special meeting of the cooperative.
(3) Before the meeting is held, the director against whom charges are brought shall be informed in writing of the charges, and both the director and the member bringing the charges shall have an opportunity at the meeting to be heard in person or by counsel and to present witnesses.
(4) The removal of a director shall be by the affirmative vote of a majority of the members voting in person or by mail.
Best interests; contract rights
(b)(1) If the board of directors in its judgment finds that the best interests of the cooperative will be served, it may remove any officer of the cooperative.
(2) The removal of an officer does not prejudice any of his contract rights.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 363.
MD Code, Corporations and Associations, § 5-518, MD CORP & ASSNS § 5-518
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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