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§ 5-5A-07. Articles of incorporation or bylaws, contents

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 5a. Maryland Consumer Cooperative Act
MD Code, Corporations and Associations, § 5-5A-07
§ 5-5A-07. Articles of incorporation or bylaws, contents
Currentness
In general
(a) Within the limitations of this subtitle, the articles of incorporation or bylaws of a consumer cooperative shall contain:
(1) The name of the cooperative, which shall include the word “cooperative” or the abbreviation “co-op”;
(2) The name, address, and state of residence of each incorporator;
(3) A statement of the purposes of the cooperative;
(4) The address of its principal office in the State; and
(5) The name and address of its resident agent in the State.
Additional content for cooperative organized with capital stock
(b)(1) If the cooperative is organized with capital stock, the articles of incorporation shall state:
(i) The number of authorized shares of stock;
(ii) The par value of each share of stock; and
(iii) The aggregate par value of all authorized shares of stock.
(2) A cooperative may not issue stock without par value.
Additional content for cooperative organized without capital stock
(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.
Method of distribution upon dissolution
(d) The articles shall state the method by which any surplus existing upon dissolution of the cooperative may be distributed as a gift to another cooperative or to a nonprofit, tax-exempt enterprise.
Additional provisions
(e) The articles may also contain any other provisions not inconsistent with the law of this State or with this subtitle for the conduct of the cooperative's affairs.

Credits

Added by Acts 1985, c. 739.
MD Code, Corporations and Associations, § 5-5A-07, MD CORP & ASSNS § 5-5A-07
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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