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§ 5-6B-16. Cooperative and possessory interest

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 6b. Maryland Cooperative Housing Corporation Act (Refs & Annos)
MD Code, Corporations and Associations, § 5-6B-16
§ 5-6B-16. Cooperative and possessory interest
(a) A cooperative interest is personal property and, after receipt by the cooperative housing corporation of any outstanding membership certificate and proprietary lease with respect to that cooperative interest, that cooperative interest shall be transferred by appropriate notation made on the books and records of the cooperative housing corporation and the execution and delivery to the transferee by the cooperative housing corporation of a membership certificate and proprietary lease, if any.
(b) The possessory interest evidenced by a proprietary lease is a part of and may not be severed from the cooperative interest evidenced by the membership certificate.

Credits

Acts 1986, c. 833, 834.
MD Code, Corporations and Associations, § 5-6B-16, MD CORP & ASSNS § 5-6B-16
Current through all legislation from the 2017 Regular Session of the General Assembly
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