§ 5-5A-26. Applicability of subtitle

Latest version.

   (a) Cooperatives organized before July 1, 1985. --

   (1) Any entity operating on a cooperative basis as of the effective date of this subtitle may elect to secure the benefits of and be bound by this subtitle.

   (2) If the entity elects to secure the benefits of this subtitle, it shall amend its articles and bylaws to conform with this subtitle.

   (3) Consumer cooperatives organized before July 1, 1985, shall be considered to be in compliance, except that any subsequent amendments to their articles of incorporation or bylaws shall conform to this subtitle.

(b) Consumer cooperatives organized on or after July 1, 1985. -- All consumer cooperatives organized on or after July 1, 1985, shall conform to this subtitle.

HISTORY: 1985, ch. 739.

                    
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