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§ 5-6B-33. Applicability

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2014

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)
Effective: October 1, 2014
MD Code, Corporations and Associations, § 5-6B-33
§ 5-6B-33. Applicability
(a)(1) Except as provided in paragraph (2) of this subsection, this subtitle is applicable to all cooperative housing corporations.
(2) The articles of incorporation, bylaws, membership certificates, or proprietary leases of a cooperative housing corporation established before July 1, 1986 need not be amended to comply with the requirements of this subtitle.
(b) Section 5-6B-02 of this subtitle shall apply to the initial sale of cooperative interests being offered for sale on or after July 1, 1986, if on that date, the developer has not sold any cooperative interests to initial purchasers.
(c) The provisions of §§ 5-6B-02 through 5-6B-04 of this subtitle and §§ 5-6B-06 through 5-6B-12 of this subtitle are not applicable to cooperative housing corporations in which cooperative interests have been sold to initial purchasers prior to July 1, 1986 if by January 1, 1987, the developer has sold 75 percent or more of the cooperative interests to initial purchasers.
(d)(1) Except as provided in paragraph (2) of this subsection, the notice required by § 5-6B-05 of this subtitle shall be given to any tenant in possession of any portion of a residential rental facility on or after January 1, 1987.
(2) The requirements of paragraph (1) of this subsection do not apply to nonresidential tenants.
(e) Any security interest in a cooperative interest which is perfected in any manner and has attached prior to July 1, 1986 shall continue to be perfected on and after that date.
(f)(1) A corporation, trust, unincorporated association, or other entity existing on July 1, 1986 that desires to confirm its status as a cooperative housing corporation under this subtitle, shall file a resolution with the board of directors or governing body of the entity electing to confirm the status.
(2) If the entity is unincorporated, the entity shall file original articles of incorporation reflecting its status with the Department of Assessments and Taxation.

Credits

Added as Corporations and Associations § 5-6B-20 by Acts 1986, c. 833; Acts 1986, c. 834. Amended by Acts 1993, c. 5, § 1. Renumbered as Corporations and Associations § 5-6B-33 by Acts 2014. c. 567, § 1, eff. Oct. 1, 2014.
MD Code, Corporations and Associations, § 5-6B-33, MD CORP & ASSNS § 5-6B-33
Current through all legislation from the 2017 Regular Session of the General Assembly
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