reglab/housing_qa huggingface dataset:
MD. Corporations and Associations Code Ann. §  5-519 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-519 - Meetings

    (a)    (1)    Every cooperative shall hold an annual meeting of its members to elect directors and to transact any other business within its powers.        (2)    The meeting shall be held:            (i)    At the time provided in the bylaws; or            (ii)    If the bylaws specify a period not exceeding 31 days during which the meeting may be held, at a time within that period set by the board of directors.    (b)    The bylaws may provide for additional regular meetings.    (c)    (1)    The board of directors may call a special meeting at any time.        (2)    Ten percent of the members may demand a special meeting at any time by filing a petition which states the specific business to be brought before the meeting, and the board of directors then shall call the meeting.    (d)    Notice of each meeting shall be mailed to each member at least ten days before the meeting and, if a special meeting is called, the notice shall state the purpose of the meeting.
MD. Corporations and Associations Code Ann. §  5-520 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-520 - Quorum

    (a)    The bylaws of a cooperative shall state the number or percentage of the members necessary to constitute a quorum at a meeting.    (b)    A member who votes by mail may not be counted in computing a quorum.
MD. Corporations and Associations Code Ann. §  5-521 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-521 - Voting

    (a)    A member of a cooperative organized without capital stock and a holder of stock, whether common or preferred, is entitled to only one vote.    (b)    Voting by proxy is prohibited in any cooperative. Voting by mail is not voting by proxy.    (c)    At any meeting of members, a signed written vote received by mail from any absent member may be read at the meeting and is equivalent to a vote of the member if:        (1)    The member was notified in writing of the exact motion or resolution on which the vote is taken; and        (2)    A copy of the motion or resolution is attached to the vote mailed by him.
MD. Corporations and Associations Code Ann. §  5-522 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-522 - Contracts With Members

    (a)    If otherwise lawful, a member may contract with his cooperative to sell his products to or through or buy goods from or through the cooperative or its facilities.    (b)    The contract may be made self-renewing for periods up to five years, subject to notice to be given by either party at least 60 days before the contract expires if he desires not to renew.    (c)    The contract may provide for liquidated damages to be paid by the member for breach of contract.    (d)    In the event of a breach or threatened breach of the contract by a member, the cooperative may obtain an injunction to prevent the breach and a decree for specific performance of the contract.
MD. Corporations and Associations Code Ann. §  5-523 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-523 - Membership in Another Cooperative

    A cooperative may be a member of any other cooperative.
MD. Corporations and Associations Code Ann. §  5-524 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-524 - Transactions With Other Cooperatives

    (a)    The board of directors of a cooperative by resolution may authorize the cooperative to enter into agreements for conducting its business with any other Maryland or foreign cooperative, association, or corporation formed on a cooperative basis.    (b)    These cooperatives, associations, and corporations may agree to unite in using or may separately use the same methods, means, and agencies for conducting their respective business.    (c)    These cooperatives, associations, and corporations may use common marketing agencies and their members may make any necessary agreements to effect these purposes.
MD. Corporations and Associations Code Ann. §  5-525 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-525 - Patronage Distributions

    (a)    At the time and in the manner which its bylaws provide, each cooperative shall apportion and distribute its net proceeds or savings to the persons entitled to receive them on the basis of their patronage.    (b)    The bylaws may provide:        (1)    That the apportionment and distribution of the net proceeds or savings may be restricted to members or be made at the same or different rates for members and nonmember patrons;        (2)    For any reasonable apportionment and charging of net losses;        (3)    That any distribution to a nonmember eligible for membership may be credited to him until the amount credited equals the value of a membership certificate or a share of the common stock of the cooperatives; and        (4)    The minimum amount of any single patronage transaction which will be considered for the purpose of participation in an allocation or distribution of net proceeds, savings, or losses under this section.    (c)    An apportionment and distribution of net proceeds or savings may be in cash, credits, capital stock, certificates of interest, certificates of equity, revolving fund certificates, letters of advice, or other securities or certificates issued by the cooperative or by any affiliated Maryland or foreign cooperative.    (d)    Apportionment and distribution of net proceeds, savings, or losses may be separately determined and based on:        (1)    The patronage of single or multiple pools or particular departments of the cooperative;        (2)    The patronage as to particular commodities, supplies, or services; or        (3)    The classification of patronage according to its type.    (e)    For purposes of this section, net proceeds, savings, or losses shall be computed in accordance with generally accepted accounting principles applicable to cooperatives, after deducting from gross proceeds or savings all costs and expenses of operation and any dividends paid on capital stock and interest paid on certificates or other evidence of equity in any fund, capital investment, or other assets of the cooperative.
MD. Corporations and Associations Code Ann. §  5-526 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-526 - Operating on Nonprofit Basis

    (a)    (1)    A cooperative may operate as an agent to sell the products of its members or nonmember patrons on a nonprofit basis by contracting to pay the members or nonmember patrons the resale price for products sold by them to or through the cooperative, less a uniform charge to cover the expenses involved in the handling of these products.        (2)    The resale price shall be:            (i)    The actual resale price; or            (ii)    A price based on the average price during any period for products of the same type and quality.        (3)    The uniform charge for expenses shall be:            (i)    Specified in the contract;            (ii)    Made otherwise ascertainable; or            (iii)    Left for determination by the directors.    (b)    A cooperative desiring to purchase goods or obtain or perform services under this subtitle may operate on a nonprofit basis in a manner similar to that described in this section.
MD. Corporations and Associations Code Ann. §  5-527 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-527 - Consolidation, Merger, Share Exchange, Transfer of Assets, or Dissolution

    (a)    A cooperative may consolidate, merge, participate in a share exchange, transfer assets, or dissolve in the manner provided in Title 3 of this article for stock corporations in general.    (b)    For purposes of this section, an objecting member has the same rights with respect to his contract and property rights as an objecting stockholder has with respect to his stock under Title 3, Subtitle 2 of this article.
MD. Corporations and Associations Code Ann. §  5-528 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-528 - Payment When Another Business Is Purchased

    (a)    If a cooperative purchases the business of another person, it may pay for the purchase in whole or in part by issuing to the seller certificates of indebtedness or shares of its capital stock in an amount which at par value would equal the fair market value of the business purchased.    (b)    A transfer to the cooperative of the business at this valuation is equivalent to payment in cash for the stock issued.    (c)    The directors of the purchasing cooperative may hold the stock in trust for the seller and dispose of it in a manner mutually satisfactory to the parties in interest. The directors also may pay the proceeds from the stock to the seller as they are received.
MD. Corporations and Associations Code Ann. §  5-529 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-529 - Audit of Financial Statement of Cooperative Handling Raw Agricultural Products

    (a)    If raw agricultural products are delivered by members to a cooperative association under marketing contracts which entitle the members to net proceeds from the sale of the products in their raw or processed state and subject the members to assessments in the event of an operating loss, the financial statements for associations engaged in handling raw agricultural products shall be audited by the association’s independent certified public accountant. The audit shall be made in accordance with generally accepted auditing standards. Copies of the financial statements together with the independent certified public accountant’s report on the examination of the association’s financial statements shall be furnished to each member or stockholder of the association and the Maryland Secretary of Agriculture on an annual basis. An independent certified public accountant and legal counsel shall be appointed by the association’s board of directors. The certified public accountant shall explain the report orally to the board of directors and shall also certify to the Secretary of Agriculture that the audit has been made in accordance with generally accepted auditing standards.    (b)    The requirements of this section shall be met also by all foreign cooperative associations engaged in handling raw agricultural products that have one or more Maryland residents as members or stockholders.
MD. Corporations and Associations Code Ann. §  5-530 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-530 - Cooperative and Marketing Agreements Not in Restraint of Trade

    (a)    A cooperative is not a combination in restraint of trade, an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily.    (b)    A marketing agreement authorized by this subtitle is not illegal or in restraint of trade.
MD. Corporations and Associations Code Ann. §  5-531 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-531 - Application of Maryland General Corporation Law

    The Maryland General Corporation Law applies to every cooperative except to the extent that the Maryland General Corporation Law:         (1)    Expressly exempts cooperatives; or        (2)    Is contrary to or inconsistent with the provisions of this subtitle.
MD. Corporations and Associations Code Ann. §  5-532 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5 - Agricultural Cooperatives|Section 5-532 - Penalties

    (a)    (1)    Any person who violates the provisions of § 5-510 (a) or (b) of this subtitle which restrict the use of the term “cooperative” is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500 or imprisonment not exceeding six months or both.        (2)    Any corporation which violates the provisions of § 5-510 (a) or (b) of this subtitle shall have its right to do business in the State revoked in a proceeding brought in the circuit court of the county where its office is located.    (b)    Any cooperative which violates any provision of this subtitle or of the Maryland General Corporation Law applicable to cooperatives shall have its right to do business in this State revoked in a proceeding brought in the circuit court of the county where its office is located.
MD. Corporations and Associations Code Ann. §  5-5A-01 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-01 - Applicability of Subtitle

    This subtitle does not apply to any cooperative existing or organized under Subtitle 5 (Agricultural Cooperatives) of this title.
MD. Corporations and Associations Code Ann. §  5-5A-02 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-02 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    (1)    “Consumer cooperative” or “cooperative” means a corporation converted or organized under this subtitle, which operates or intends to operate on a cooperative basis for the mutual benefit of its members, subscribers, and patrons and conforms to this subtitle.        (2)    “Consumer cooperative” does not include credit unions.    (c)    “Cooperative basis” as applied to any entity or corporation referred to in this subtitle means:        (1)    Except as otherwise provided in the case of a federated cooperative in § 5–5A–20 of this subtitle, that each member has only 1 vote and that proxy voting is prohibited;        (2)    That the annual return on stock or membership capital does not exceed the allowable amount specified in the articles of incorporation or bylaws of the cooperative;        (3)    That the net savings of the entity must be distributed in accordance with § 5–5A–22 of this subtitle;        (4)    That membership in the entity must be available on a voluntary basis and be open to all persons who can make use of its services and are willing to accept the responsibilities of membership; and        (5)    That the entity is engaged in providing goods or services for the primary and mutual benefit of the membership.    (d)    “Delegate” means a representative of the members elected either from the membership at large or from specific geographic districts or groups of members as defined in the bylaws.    (e)    “Federated cooperative” means a cooperative which is primarily owned and controlled by, and provides goods or services to entities operating on a cooperative basis.    (f)    “Foreign cooperative” means an entity operating on a cooperative basis which is organized or incorporated under the laws of a state other than Maryland.    (g)    “Member” means a person or household who has been qualified and accepted for membership in a cooperative according to its bylaws.    (h)    “Membership capital” means a member’s capital contribution to the cooperative to secure the benefits of membership in the cooperative.    (i)    “Net savings” means a cooperative’s total income minus the cost of operation, including reserves.    (j)    “Person” means a natural person or any incorporated or unincorporated entity.    (k)    “Savings return” means any payment or allocation made by the cooperative out of net savings which is computed on the basis of the patron’s business with the cooperative and refunded in accordance with § 5–5A–22 of this subtitle.    (l)    “Subscriber” means any person or entity eligible for membership and legally obligated to purchase a share or shares of, or membership in, the cooperative in accordance with its bylaws.
MD. Corporations and Associations Code Ann. §  5-5A-03 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-03 - Incorporation of Consumer or Federated Cooperative; Permissible Business Activity

    A consumer cooperative or a federated cooperative may be incorporated under this subtitle and engage in any lawful business to acquire, produce, manufacture, furnish, or distribute any goods or services on a cooperative basis for the mutual benefit of its members and patrons or the members and patrons of any member cooperative, or both.
MD. Corporations and Associations Code Ann. §  5-5A-04 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-04 - Number Required for Incorporation

    Any 5 or more adult individuals, or 2 or more entities operating on a cooperative basis, may incorporate under this subtitle.
MD. Corporations and Associations Code Ann. §  5-5A-05 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-05 - Formation of Cooperative; Evidence of Membership Interest

    (a)    A cooperative may be formed as a stock corporation or as a nonstock corporation.    (b)    Membership interests may be evidenced by certificates of stock, certificates of membership, or notification of credit to a member’s capital or ownership account.
MD. Corporations and Associations Code Ann. §  5-5A-06 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-06 - General Powers

    Except for powers inconsistent with this subtitle, each cooperative may exercise all powers granted to ordinary business corporations under the general corporation laws of Maryland and all powers which may be necessary, convenient, or expedient for the accomplishment of its purposes.
MD. Corporations and Associations Code Ann. §  5-5A-07 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-07 - Contents of Articles of Incorporation or Bylaws

    (a)    Within the limitations of this subtitle, the articles of incorporation or bylaws of a consumer cooperative shall contain:        (1)    The name of the cooperative, which shall include the word “cooperative” or the abbreviation “co–op”;        (2)    The name, address, and state of residence of each incorporator;        (3)    A statement of the purposes of the cooperative;        (4)    The address of its principal office in the State; and        (5)    The name and address of its resident agent in the State.    (b)    (1)    If the cooperative is organized with capital stock, the articles of incorporation shall state:            (i)    The number of authorized shares of stock;            (ii)    The par value of each share of stock; and            (iii)    The aggregate par value of all authorized shares of stock.        (2)    A cooperative may not issue stock without par value.    (c)    If the cooperative is organized without capital stock, the articles of incorporation shall state whether the property rights of its members are equal or unequal, and, if unequal, the rule by which the property rights of members, including members admitted after the original organization, are to be determined.    (d)    The articles shall state the method by which any surplus existing upon dissolution of the cooperative may be distributed as a gift to another cooperative or to a nonprofit, tax–exempt enterprise.    (e)    The articles may also contain any other provisions not inconsistent with the law of this State or with this subtitle for the conduct of the cooperative’s affairs.
MD. Corporations and Associations Code Ann. §  5-5A-08 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-08 - Limitation on Stock Ownership; Member's Withdrawal or Disposal of Interest; Classes of Ownership; Stock Conversion; Termination of Nonstock Voting Membership

    (a)    A cooperative may limit in its articles of incorporation the number of shares of stock that a person may hold.    (b)    If a member desires to withdraw from a consumer cooperative or dispose of any or all of the member’s interest in the cooperative, the directors of the cooperative have the option to purchase that interest by paying the par value or book value, whichever is less, of any or all of the interest offered.    (c)    If the cooperative fails, within 60 days of the original offer, to purchase all or any part of the interest offered, the member may sell the unpurchased interest to a purchaser who is eligible for membership in the cooperative.    (d)    A consumer cooperative may provide in its articles of incorporation for a class of nonvoting capital stock or a class of nonstock voting membership.    (e)    A consumer cooperative organized with voting stock may amend its articles of incorporation to provide for conversion of its voting stock at par value, to nonstock voting memberships. When that conversion occurs, voting stock shall convert to nonvoting capital stock of par value or, at the holder’s election, to a nonstock voting membership.    (f)    A nonstock voting membership shall be continuing unless terminated by:        (1)    A written request from the member; or        (2)    The member’s failure to comply with the articles of incorporation or bylaws of the cooperative after receiving notice as required in the bylaws.
MD. Corporations and Associations Code Ann. §  5-5A-09 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-09 - Conversion of Corporation Into Consumer Cooperative; Adoption of Name

    If a corporation chartered under the general corporation law of this State converts into a consumer cooperative and conducts itself according to the principles outlined in this subtitle, the board of directors of the corporation may by a majority vote adopt a name that includes the word “cooperative” or any variation or abbreviation thereof.
MD. Corporations and Associations Code Ann. §  5-5A-10 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 5 - Special Types of Corporations|Subtitle 5A - Maryland Consumer Cooperative Act|Section 5-5A-10 - Use of Word "Cooperative" in Conducting Business

    The following cooperatives are entitled to use the word “cooperative”, or any abbreviation or derivation thereof, as part of their business names, or to represent themselves in their advertising or otherwise as conducting business on a cooperative basis:         (1)    Cooperatives organized under this subtitle or Subtitle 5, Agricultural Cooperatives;        (2)    Entities organized under any other law of this State that are operated on a cooperative basis;        (3)    Foreign corporations operating on a cooperative basis and authorized to do business in this State; or        (4)    Housing cooperatives.