§ 5-630. Conversion of corporation to cooperative
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-630
§ 5-630. Conversion of corporation to cooperative
(a) A Maryland corporation that supplies or is authorized to supply electricity may convert to a cooperative as provided in this section.
(b) On conversion of a corporation to a cooperative, the corporation is subject to this subtitle as if it had been organized under this subtitle.
(c)(1) A proposed conversion and proposed articles of conversion that effect the conversion shall be submitted for consideration at an annual or special meeting of the members or stockholders of the corporation.
(d) If the proposed conversion, proposed articles of conversion, and any amendments to the proposed articles of conversion are approved by the members or stockholders of the corporation as provided in subsection (c) of this section:
(e)(1) The articles of conversion shall contain:
(f) The chairman or vice-chairman who signs the articles of conversion for the corporation shall make and attach to the articles an affidavit stating that the provisions of this section that relate to the articles have been complied with.
Credits
Added by Acts 2002, c. 135, § 3, eff. Oct. 1, 2002.
MD Code, Corporations and Associations, § 5-630, MD CORP & ASSNS § 5-630
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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