§ 5-507. Corporation may be converted into cooperative

Latest version.

   (a) General rule. -- Any Maryland corporation organized under the Maryland General Corporation Law which does or intends to do business on a cooperative basis may convert itself into a cooperative by amending and restating its charter in accordance with Title 2, Subtitle 6 of this article.

(b) Articles of amendment and restatement. -- The articles of amendment and restatement shall:

   (1) State that the corporation elects to become a cooperative under this subtitle;

   (2) Make every change in the charter necessary to become a cooperative; and

   (3) Contain a complete restatement of the charter as amended.

HISTORY: An. Code 1957, art. 23, § 374; 1975, ch. 311, § 2; 1976, ch. 567, § 2.

                    
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