§ 5-635. Operating as a member-regulated cooperative
West's Annotated Code of MarylandCorporations and AssociationsEffective: May 8, 2020
Effective: May 8, 2020
MD Code, Corporations and Associations, § 5-635
§ 5-635. Operating as a member-regulated cooperative
(a)(1) To operate as a member-regulated cooperative, a cooperative shall:
(b) A vote under this section:
(c)(1) A cooperative's board of directors shall hold a meeting with the cooperative's members on whether to operate as a member-regulated cooperative.
(d)(1) A cooperative's board of directors shall hold at least two open forums to allow the cooperative's members to discuss or make inquiries concerning operating as a member-regulated cooperative.
(e)(1) If a cooperative's board of directors mails information to its members regarding operating as a member-regulated cooperative that is in addition to the information provided in the notice, the cooperative's board of directors shall include in the mailing any materials provided in opposition to operating as a member-regulated cooperative if the materials are accompanied by a petition signed by at least 100 of the cooperative's members.
(f)(1) A cooperative's board of directors shall select an independent auditor to control and supervise the procedures for voting.
(g) To operate as a member-regulated cooperative shall require the affirmative vote of a majority of the cooperative's members voting at a meeting at which at least 15% of the members vote.
Credits
Added by Acts 2020, c. 606, § 2, eff. May 8, 2020.
MD Code, Corporations and Associations, § 5-635, MD CORP & ASSNS § 5-635
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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