2013 Maryland Code
§ 5-5A-12 - Management of cooperative; number and qualifications of directors

MD Corp & Assn Code § 5-5A-12 (2013) What's This?

(a) Management of cooperative; number of directors. -- The business and affairs of a cooperative shall be managed under the direction of a board of directors. Every cooperative shall have at least 5 directors.

(b) Residency requirement. -- Except in the case of foreign cooperatives, at least 2 of the directors shall be residents of this State.

(c) Membership requirement. -- Each director shall be a member of the cooperative or of a member cooperative.

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