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2021 Maryland Statutes
Corporations and Associations
Title 5 - Special Types of Corporations
Subtitle 5 - Agricultural Cooperatives
Section 5-507 - Corporation May Be Converted Into Cooperative
Universal Citation:
MD Corporations and Associations Code Ann. § 5-507 (2021)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
(a) 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) 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.
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