reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6 - Electric Cooperatives › Part VII - Miscellaneous Provisions › Section 5-654 - Electric Easement

(a)    In this section, “electric easement” means an easement held by a cooperative for the siting of electric facilities, regardless of whether the easement is for the exclusive benefit of the cooperative or for use by other utility companies.
(b)    This section applies only to a cooperative in the exercise of its authority under § 5–607(a)(12) of this subtitle to construct, maintain, or operate conducting or communications facilities within an electric easement that does not expressly provide for the construction, maintenance, or operation of conducting or communications facilities within the easement.
(c)    (1)    Except as provided in paragraph (3) of this subsection, a cooperative shall give notice to each owner of property subject to an electric easement at least 60 days before the cooperative:
(i)    Constructs conducting or communications facilities within the easement; or
(ii)    Makes capacity available for telecommunications, broadband Internet access, or related services within the electric easement.
(2)    The cooperative shall give the notice required under this subsection by:
(i)    Posting notice on the cooperative’s website; and
(ii)    Including the notice with billing information such as a bill insert or bill message.
(3)    The cooperative shall give the notice required under this section at the next following annual member meeting of the cooperative after the notice has been given under paragraph (2) of this subsection.
(4)    The notice shall contain:
(i)    A statement indicating the cooperative’s intent to use the electric easement by:
1.    Constructing new conducting or communications facilities; or
2.    Making capacity available for telecommunications, broadband Internet access, or related services through existing facilities; and
(ii)    A written plan for making broadband Internet service available within the cooperative’s service territory.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6A - Transportation Cooperatives › Section 5-6A-01 - Transportation Cooperatives

(a)    Cooperative, nonprofit, membership corporations may be organized to supply, promote, and extend the use of transportation services.
(b)    Each cooperative organized under this section shall be organized and governed by the provisions of Subtitle 2, “Nonstock Corporations”, of this title.
(c)    A cooperative organized under this section may use the term “cooperative” as part of its corporate name.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-04 - Warranties

(a)    (1)    There is an implied warranty from the developer to the cooperative housing corporation on the roof, foundation, and other structural elements, ceilings, floors, walls, mechanical, electrical, and plumbing systems.
(2)    The warranty shall provide that the developer is responsible for correcting defects in materials or workmanship, and that the building elements specified in this description are within acceptable industry standards in effect when the building or buildings were constructed.
(3)    The warranty begins with the first transfer of a cooperative interest in the cooperative housing corporation to an initial purchaser. The warranty on a portion of the cooperative project not completed at the time of the transfer begins with the completion of that building element or with its availability for use by members, whichever occurs later. The warranty extends for a period of 3 years from the commencement date of the warranty.
(4)    A suit for enforcement of the warranty on a portion of the cooperative project shall be brought by the cooperative housing corporation or by a member.
(b)    Notice of a defect shall be given to the developer within the warranty period and suit for enforcement of the warranty shall be brought within 1 year after expiration of the warranty period.
(c)    Warranties do not apply to any damage caused through abuse or failure to perform maintenance by a member or the cooperative housing corporation.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-09 - Authority of Local Governments to Require First Right of Purchase at Same Terms

(a)    (1)    A county or an incorporated municipality may provide by local law or ordinance, that the cooperative interest with respect to a unit in a residential rental facility occupied by a tenant entitled to receive the notice required by § 5-6B-05 of this subtitle may not be transferred unless the county, incorporated municipality, or housing agency has first been offered in writing the right to purchase the cooperative interest at the same price and on the same terms and conditions initially offered to any other person. The local law or ordinance shall designate the title and mailing address of the person to whom the offer to the county, incorporated municipality, or housing agency is to be delivered and the title of the person who may accept the offer on behalf of the county, incorporated municipality, or housing agency.
(2)    The local law or ordinance shall provide that the offer to the county, incorporated municipality, or housing agency shall be made at the same time an offer is made to a tenant of the unit under § 5-6B-06 of this subtitle. If a tenant accepts an offer of a unit made under § 5-6B-06 of this subtitle, then the rights of the county, incorporated municipality, or housing agency to such unit under an offer made under this section, whether or not accepted, shall terminate.
(3)    Unless written acceptance of the offer is first delivered to the owner of the residential rental facility by the county, incorporated municipality, or housing agency, the offer shall terminate, without further act, 120 days after it is delivered to the county, incorporated municipality, or housing agency.
(b)    A county, incorporated municipality, or housing agency may not accept an offer made under this section for a cooperative interest with respect to a unit if that unit together with the aggregate of other units previously accepted or not accepted, subject to an extended lease by a designated family under this subtitle, exceeds 20 percent of the total number of units in the cooperative project.
(c)    If a membership certificate for a cooperative interest contains an affidavit by the grantor that the provisions of a law or ordinance enacted under this section have been fulfilled, then the grantee in that grant takes title to the cooperative interest free and clear of all claims and rights of any county, incorporated municipality, or housing agency under a local law or ordinance enacted under this section.
(d)    Within 30 days of the enactment of a law or ordinance under this section, the county or incorporated municipality shall forward a copy of the law or ordinance to the Secretary of State.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-10 - Actions by Local Governments to Protect Consumers From Displacement During Rental Housing Emergency

(a)    The intent of the General Assembly of Maryland is to facilitate the orderly development of cooperative housing corporations in Maryland. The General Assembly recognizes, however, that the conversion of residential rental facilities to cooperative housing corporations or condominiums can have an adverse impact on the availability of rental units, resulting in the displacement of tenants.
(b)    A county or incorporated municipality may, by legislative finding, recognize and declare that a rental housing emergency exists in all or a part of its jurisdiction and has been caused by the conversion of residential rental facilities. Any legislative finding shall exist for one year, subject to any extensions for periods of one year at a time. The jurisdiction shall consider and make findings as to:
(1)    The nature and incidence of conversions of residential rental facilities;
(2)    The resulting hardship to and displacement of tenants; and
(3)    The scarcity of rental housing.
(c)    Upon the finding and declaration of a rental housing emergency caused by the conversion of rental housing, a county or an incorporated municipality may by the enactment of laws, ordinances, and regulations, take the following actions to meet the emergency:
(1)    Grant to a designated family as defined in § 5-6B-07 of this subtitle a right to an extended lease for a period in addition to that period provided for in § 5-6B-07 of this subtitle. The right to an extended lease may not, in any event, result in a requirement that a developer set aside for an extended lease more than 20 percent of the total number of units.
(2)    Otherwise extend the provisions of § 5-6B-07 of this subtitle except that:
(i)    More than 20 percent of the total number of units may not be required to be set aside; and
(ii)    The term of an extended lease for a family made a designated family by a county or an incorporated municipality may not exceed 3 years.
(3)    Require that the notice required to be given under § 5-6B-05 of this subtitle be altered to disclose the effects of any actions taken under this section.
(d)    Within 10 days after the enactment of a law, ordinance, or regulation under this section, a county or incorporated municipality shall forward a copy of the law, ordinance, or regulation to the Secretary of State.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-11 - Deposits Made on Sale of Cooperative Interests Held in Escrow

Deposits taken in connection with the sale by a developer of cooperative interests with respect to units intended for residential use shall be deposited or held in an escrow account in the same manner as provided in § 10-301 of the Real Property Article in the case of sales of new, uncompleted single family units, unless a corporate surety bond is obtained and maintained as provided in § 10-301 of the Real Property Article.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-12 - Consumer Protection Standards and Enforcement

(a)    This section is intended to provide minimum standards for the protection of consumers in the State.
(b)    (1)    For purposes of this section, “consumer” means an actual or prospective purchaser, lessee, assignee, or transferee of a cooperative interest with respect to a residential unit.
(2)    “Consumer” includes a co–obligor or surety for a consumer.
(c)    (1)    To the extent that a violation of a provision of this subtitle affects a consumer, that violation shall be within the scope of the enforcement duties and powers of the Division of Consumer Protection of the Office of the Attorney General, as described in Title 13 of the Commercial Law Article.
(2)    The provisions of this subtitle shall otherwise be enforced by each agency of the State within the scope of its authority.
(d)    A county or incorporated municipality, or an agency of one of those jurisdictions, may adopt laws or ordinances for the protection of a consumer to the extent and in the manner provided for under § 13–103 of the Commercial Law Article.
(e)    Within 30 days after the effective date of a law, ordinance, or regulation enacted under this section which is expressly applicable to cooperative housing corporations, the local jurisdiction shall forward a copy of the law, ordinance, or regulation to the Secretary of State.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-13 - Cooperative Interests Not Security or Investment Security

(a)    A cooperative interest is not a security under the Maryland Securities Act.
(b)    The provisions of Title 8 of the Commercial Law Article where consistent with this article shall apply to membership certificates in cooperative housing corporations.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-14 - Restraints of Trade

The fact that economic activity is organized under this subtitle may not cause the activity to be deemed a conspiracy or combination in restraint of trade or an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-16 - Cooperative Interest Deemed Personal Property

(a)    A cooperative interest is personal property and, after receipt by the cooperative housing corporation of any outstanding membership certificate and proprietary lease with respect to that cooperative interest, that cooperative interest shall be transferred by appropriate notation made on the books and records of the cooperative housing corporation and the execution and delivery to the transferee by the cooperative housing corporation of a membership certificate and proprietary lease, if any.
(b)    The possessory interest evidenced by a proprietary lease is a part of and may not be severed from the cooperative interest evidenced by the membership certificate.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-17 - Perfection of Security Interests and Cooperative Interests

(a)    Except as provided in subsection (b) of this section, a security interest in a cooperative interest shall attach, be perfected, and be enforceable as provided in Title 9 of the Commercial Law Article.
(b)    The security interest may be perfected by the secured party’s taking possession of the membership certificate or by filing a financing statement as provided in Title 9 of the Commercial Law Article.
(c)    On request of a secured party, the cooperative housing corporation shall note on its books and records the interest of the secured party in the cooperative interest.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-18 - Assignment of Votes

(a)    Except as otherwise provided in the articles of incorporation or bylaws, the votes in a cooperative housing corporation shall be assigned so that each unit has one vote.
(b)    Cooperative housing corporations shall not engage in mergers or consolidations if such action is undertaken for the purpose of circumventing §§ 5-6B-02 through 5-6B-12 of this subtitle.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-19 - Meetings of Cooperative Housing Corporation, Governing Body, or Committee

(a)    This section applies to any meeting of a cooperative housing corporation, the governing body of a cooperative housing corporation, or a committee of a cooperative housing corporation, notwithstanding anything contained in the documents of the cooperative housing corporation.
(b)    Subject to the provisions of subsection (e) of this section, all meetings of the cooperative housing corporation shall be open to the members of the cooperative housing corporation or their agents.
(c)    All members shall be given reasonable notice of all regularly scheduled open meetings of the cooperative housing corporation.
(d)    (1)    This subsection does not apply to a meeting of a governing body that occurs at any time before the members, other than the developer, have a majority of votes in the cooperative housing corporation.
(2)    Subject to paragraph (3) of this subsection and to reasonable rules adopted by a governing body, a governing body shall provide a designated period of time during a meeting to allow members an opportunity to comment on any matter relating to the cooperative housing corporation.
(3)    During a meeting at which the agenda is limited to specific topics or at a special meeting, the comments of members may be limited to the topics listed on the meeting agenda.
(e)    (1)    A meeting of a cooperative housing corporation may be held in closed session only for the purpose of:
(i)    Discussing matters pertaining to employees and personnel;
(ii)    Protecting the privacy or reputation of individuals in matters not related to the business of the cooperative housing corporation;
(iii)    Consulting with legal counsel on legal matters;
(iv)    Consulting with staff personnel, consultants, attorneys, board members, or other persons in connection with pending or potential litigation or other legal matters;
(v)    Conducting investigative proceedings concerning possible or actual criminal misconduct;
(vi)    Considering the terms or conditions of a business transaction in the negotiation stage if the disclosure could adversely affect the economic interests of the cooperative housing corporation;
(vii)    Complying with a specific constitutional, statutory, or judicially imposed requirement protecting particular proceedings or matters from public disclosure; or
(viii)    Discussing individual owner assessment accounts.
(2)    If a meeting is held in closed session under paragraph (1) of this subsection:
(i)    An action may not be taken and a matter may not be discussed if it is not permitted by paragraph (1) of this subsection; and
(ii)    The minutes of the next meeting of the cooperative housing corporation shall include:
1.    A statement of the time, place, and purpose of a closed meeting;
2.    A record of the vote of each board or committee member by which the meeting was closed; and
3.    A statement of the authority under this subsection for closing the meeting.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-20 - Distribution of Written Information

(a)    This section does not apply to the distribution of information or materials at any time before the members, other than the developer, have a majority of votes in the cooperative housing corporation.
(b)    Subject to subsection (c) of this section, a cooperative housing corporation shall allow any member to distribute written information or materials regarding matters relating to the operation of the cooperative housing corporation in the same place and manner as the governing body distributes written information or materials other than:
(1)    Information or materials reflecting assessments imposed on members that the governing body distributes door–to–door; or
(2)    Meeting notices that the governing body distributes door–to–door.
(c)    A cooperative housing corporation may place reasonable restrictions on the time of any distribution of written information or materials.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-21 - Location of Meetings

(a)    This section does not apply to any meetings of members occurring at any time before the members, other than the developer, have a majority of the votes in the cooperative housing corporation.
(b)    Subject to reasonable rules adopted by the governing body, members may meet for the purpose of considering and discussing matters relating to the operation of the cooperative housing corporation in  any area that is generally open to all members of the cooperative housing corporation.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-23 - Election Related Candidate Signs or Signs Advertising Questions or Propositions

(a)    In this section, “candidate sign” means a sign on behalf of a candidate for public office or a slate of candidates for public office.
(b)    Except as provided in subsection (c) of this section, a recorded covenant or restriction, a provision in a declaration, or a provision in the bylaws or rules of a cooperative housing corporation may not prohibit or restrict the display of:
(1)    A candidate sign; or
(2)    A sign that advertises the support or defeat of any question submitted to the voters in accordance with the Election Law Article.
(c)    A recorded covenant or restriction, a provision in a declaration, or a provision in the bylaws or rules of a cooperative housing corporation may restrict the display of a candidate sign or a sign that advertises the support or defeat of any proposition:
(1)    In any areas constituting those portions of a cooperative project possessed in common by the members;
(2)    In accordance with provisions of federal, State, and local law; or
(3)    If a limitation to the time period during which signs may be displayed is not specified by a law governing the jurisdiction in which the cooperative housing corporation is located, to a time period not less than:
(i)    30 days before the primary election, general election, or vote on the proposition; and
(ii)    7 days after the primary election, general election, or vote on the proposition.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-24 - Electronic Transmission of Notice

(a)    Notwithstanding language contained in the governing documents of a cooperative housing corporation, the cooperative housing corporation may provide notice of a meeting or deliver information to a member by electronic transmission if:
(1)    The board of directors of the cooperative housing corporation gives the cooperative housing corporation the authority to provide notice of a meeting or deliver information by electronic transmission;
(2)    The member gives the cooperative housing corporation prior written authorization to provide notice of a meeting or deliver information by electronic transmission; and
(3)    An officer or agent of the cooperative housing corporation certifies in writing that the cooperative housing corporation has provided notice of a meeting or delivered information to the member.
(b)    Notice or delivery by electronic transmission shall be considered ineffective if:
(1)    The cooperative housing corporation is unable to deliver two consecutive notices; and
(2)    The inability to deliver the electronic transmission becomes known to the person responsible for the sending of the electronic transmission.
(c)    The inadvertent failure to deliver notice by electronic transmission does not invalidate any meeting or other action.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-25 - Electronic Transmission of Votes or Proxies

(a)    Notwithstanding language contained in the governing documents of a cooperative housing corporation, the board of directors of the cooperative housing corporation may authorize members to submit a vote or proxy by electronic transmission if the electronic transmission contains information that verifies that the vote or proxy is authorized by the member or the member’s proxy.
(b)    If the governing documents of the cooperative housing corporation require voting by secret ballot and the anonymity of voting by electronic transmission cannot be guaranteed, voting by electronic transmission shall be permitted if members have the option of casting anonymous printed ballots.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-25.1 - Virtual Meetings Authorized -- Attendees Deemed Present -- Voting at Meetings -- Technical Linking Difficulties Not Invalidating

(a)    (1)    Notwithstanding language contained in the governing documents of the cooperative housing corporation, the board of directors may authorize any meetings of the cooperative housing corporation, the board of directors, or a committee of the cooperative housing corporation to be conducted or attended by telephone conference, video conference, or similar electronic means.
(2)    If a meeting is conducted by telephone conference, video conference, or similar electronic means, the equipment or system used must permit any member, board member, or committee member in attendance to hear and be heard by all other members participating in the meeting.
(3)    A link or instructions on how to access the meeting by telephone conference, video conference, or similar electronic means shall be included in the notice of the meeting.
(4)    No specific authorization from members shall be required to hold a meeting electronically.
(b)    Any member, board member, or committee member attending a meeting by telephone conference, video conference, or similar electronic means shall be deemed present for quorum and voting purposes.
(c)    (1)    (i)    Any matter requiring a vote of the cooperative housing corporation may be set by the board of directors for a vote at the meeting, and a ballot may be delivered to members with notice of the meeting.
(ii)    Only those members present during the telephone conference, video conference, or similar electronic meeting shall be authorized to vote a ballot in accordance with this subsection.
(iii)    Members who are not present at the meeting may:
1.    Vote by proxy in accordance with the requirements of the governing documents and this title; and
2.    Be considered present for quorum purposes through their proxy.
(2)    (i)    The board of directors may set a reasonable deadline for return of a ballot to the cooperative housing corporation, including return by electronic transmission.
(ii)    The deadline for return of the ballot shall be not later than 24 hours after the conclusion of the meeting.
(d)    Notwithstanding language contained in the governing documents of the cooperative housing corporation, nominations from the floor at the meeting are not required if at least one candidate has been nominated to fill each open board position.
(e)    The inability of a member to join a meeting due to technical difficulties with the member’s telephone, computer, or other electronic device does not invalidate the meeting or any action taken at the meeting.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-26 - Examination and Copying of Books and Records of Cooperative Housing Corporations

(a)    (1)    (i)    Except as provided in paragraph (2) of this subsection, all books and records kept by or on behalf of a cooperative housing corporation shall be made available for examination or copying, or both, by a member, a member’s mortgagee, or their respective duly authorized agents or attorneys, during normal business hours, and after reasonable notice.
(ii)    If a member requests in writing a copy of financial statements of the cooperative housing corporation or the minutes of a meeting of the board of directors or other governing body of the cooperative housing corporation to be delivered, the board of directors or other governing body of the cooperative housing corporation shall compile and send the requested information by mail, electronic transmission, or personal delivery:
1.    Within 21 days after receipt of the written request, if the financial statements or minutes were prepared within the 3 years immediately preceding receipt of the request; or
2.    Within 45 days after receipt of the written request, if the financial statements or minutes were prepared more than 3 years before receipt of the request.
(2)    Books and records kept by or on behalf of a cooperative housing corporation may be withheld from public inspection, except for inspection by the person who is the subject of the record or the person’s designee or guardian, to the extent that they concern:
(i)    Personnel records, not including information on individual salaries, wages, bonuses, and other compensation paid to employees;
(ii)    An individual’s medical records;
(iii)    An individual’s personal financial records, including assets, income, liabilities, net worth, bank balances, financial history or activities, and creditworthiness;
(iv)    Records relating to business transactions that are currently in negotiation;
(v)    The written advice of legal counsel; or
(vi)    Minutes of a closed meeting of the board of directors or other governing body of the cooperative housing corporation, unless a majority of a quorum of the board of directors or governing body that held the meeting approves unsealing the minutes or a recording of the minutes for public inspection.
(b)    (1)    Except for a reasonable charge imposed on a person desiring to review or copy the books and records or who requests delivery of information, the cooperative housing corporation may not impose any charges under this section.
(2)    A charge imposed under paragraph (1) of this subsection for copying books and records may not exceed the limits authorized under Title 7, Subtitle 2 of the Courts Article.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-27 - Fidelity Insurance

(a)    In this section, “fidelity insurance” includes a fidelity bond.
(b)    This section does not apply to a cooperative housing corporation:
(1)    That has four or fewer members; and
(2)    For which 3 months’ worth of gross common charges is less than $2,500.
(c)    (1)    The board of directors or other governing body of a cooperative housing corporation shall purchase fidelity insurance not later than the time of the first sale of a cooperative interest with respect to a unit to a person other than the developer and shall keep fidelity insurance in place for each year thereafter.
(2)    The fidelity insurance required under paragraph (1) of this subsection shall provide for the indemnification of the cooperative housing corporation against loss resulting from acts or omissions arising from fraud, dishonesty, or criminal acts by:
(i)    Any officer, director, managing agent, or other agent or employee charged with the operation or maintenance of the cooperative housing corporation who controls or disburses funds; and
(ii)    Any management company employing a management agent or other employee charged with the operation or maintenance of the cooperative housing corporation who controls or disburses funds.
(d)    A copy of the fidelity insurance policy or fidelity bond shall be included in the books and records kept and made available by or on behalf of the cooperative housing corporation under § 5–6B–26 of this subtitle.
(e)    (1)    The amount of the fidelity insurance required under subsection (c) of this section shall equal at least the lesser of:
(i)    3 months’ worth of gross common charges and the total amount held in all investment accounts at the time the fidelity insurance is issued; or
(ii)    $3,000,000.
(2)    The total liability of the insurance to all insured persons under the fidelity insurance may not exceed the sum of the fidelity insurance.
(f)    If a member believes that the board of directors or other governing body of a cooperative housing corporation has failed to comply with the requirements of this section, the aggrieved member may submit the dispute to the Division of Consumer Protection of the Office of the Attorney General under § 5–6B–12 of this subtitle.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-28 - Books and Records

(a)    The governing body shall keep books and records in accordance with good accounting practices.
(b)    (1)    (i)    Subject to subparagraph (ii) of this paragraph, on the request of the members of at least 5 percent of the units, the governing body shall cause an audit of the books and records to be made by an independent certified public accountant.
(ii)    An audit may not be made more than once in any consecutive 12–month period.
(2)    The cost of the audit shall be a common expense.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-29 - Late Charges

(a)    Subject to the requirements of this section, a proprietary lease or the bylaws of a cooperative housing corporation may provide for a late charge of no more than $15 or one–tenth of the total amount of any delinquent assessment or installment owed by a member, whichever is greater.
(b)    A late charge may not be imposed more than once for the same delinquent assessment or installment.
(c)    A late charge may only be imposed if the delinquency has continued for a period of 10 days or more.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-31 - Eviction of Member

(a)    This section applies only to a cooperative project that is no longer subject to a mortgage or deed of trust.
(b)    Notwithstanding the articles of incorporation, bylaws, or regulations of a cooperative housing corporation or the proprietary lease of any member, a governing body may not bring an action in court to evict a member based solely on the failure of the member to pay assessments owed to the cooperative housing corporation unless:
(1)    The member has been delinquent in paying assessments for a period of  3 months or more;
(2)    The governing body has given the member notice and an opportunity to be heard regarding the delinquency, consistent with  § 5–6B–30 of this subtitle;
(3)    The governing body has given the member an opportunity to cure the delinquency; and
(4)    The member has failed to cure the delinquency.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-32 - Statewide Effect of Act

(a)    (1)    Except as provided in §§ 5–6B–08 through 5–6B–10 and § 5–6B–12 of this subtitle, the provisions of this subtitle are statewide in their effect.
(2)    Except as provided in this subtitle, a county, city, or other jurisdiction may not enact any law, ordinance, or regulation which would impose a burden or restriction on a cooperative housing corporation that is not imposed on all other property of similar character not a cooperative housing corporation. Any such law, ordinance, or regulation is preempted by the subject and material of this title and is void.
(b)    The provisions of all laws, ordinances, and regulations concerning building codes or zoning shall have full force and effect to the extent that they apply to property which is a cooperative housing corporation and shall be construed and applied with reference to the overall nature and use of the property without regard to the form of ownership. A law, ordinance, or regulation concerning building codes or zoning may not establish any requirement or standard governing the use, location, placement, or construction of any land and improvements which comprise a cooperative project, unless the requirement or standard is uniformly applicable to all land and improvements of the same kind or character not comprising cooperative projects.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6B - Maryland Cooperative Housing Corporation Act › Section 5-6B-33 - Applicability of Act

(a)    (1)    Except as provided in paragraph (2) of this subsection, this subtitle is applicable to all cooperative housing corporations.
(2)    The articles of incorporation, bylaws, membership certificates, or proprietary leases of a cooperative housing corporation established before July 1, 1986 need not be amended to comply with the requirements of this subtitle.
(b)    Section 5–6B–02 of this subtitle shall apply to the initial sale of cooperative interests being offered for sale on or after July 1, 1986, if on that date, the developer has not sold any cooperative interests to initial purchasers.
(c)    The provisions of §§ 5–6B–02 through 5–6B–04 of this subtitle and §§ 5–6B–06 through 5–6B–12 of this subtitle are not applicable to cooperative housing corporations in which cooperative interests have been sold to initial purchasers prior to July 1, 1986 if by January 1, 1987, the developer has sold 75 percent or more of the cooperative interests to initial purchasers.
(d)    (1)    Except as provided in paragraph (2) of this subsection, the notice required by § 5–6B–05 of this subtitle shall be given to any tenant in possession of any portion of a residential rental facility on or after January 1, 1987.
(2)    The requirements of paragraph (1) of this subsection do not apply to nonresidential tenants.
(e)    Any security interest in a cooperative interest which is perfected in any manner and has attached prior to July 1, 1986 shall continue to be perfected on and after that date.
(f)    (1)    A corporation, trust, unincorporated association, or other entity existing on July 1, 1986 that desires to confirm its status as a cooperative housing corporation under this subtitle, shall file a resolution with the board of directors or governing body of the entity electing to confirm the status.
(2)    If the entity is unincorporated, the entity shall file original articles of incorporation reflecting its status with the Department of Assessments and Taxation.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-01 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 of this subtitle.
(c)    “General public benefit” means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits.
(d)    “Specific public benefit” includes:
(1)    Providing individuals or communities with beneficial products or services;
(2)    Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3)    Preserving the environment;
(4)    Improving human health;
(5)    Promoting the arts, sciences, or advancement of knowledge;
(6)    Increasing the flow of capital to entities with a public benefit purpose; or
(7)    The accomplishment of any other particular benefit for society or the environment.
(e)    “Third–party standard” means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1)    Is developed by a person or entity that is independent of the benefit corporation; and
(2)    Is transparent because the following information about the standard is publicly available or accessible:
(i)    The factors considered when measuring the performance of a business;
(ii)    The relative weightings of those factors; and
(iii)    The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-02 - Applicability of Provisions

(a)    The provisions of the Maryland General Corporation Law apply to benefit corporations except to the extent that:
(1)    The context of a provision clearly requires otherwise; or
(2)    A specific provision of this subtitle or another provision of law governing specific classes of corporations provides otherwise.
(b)    This subtitle applies only to benefit corporations.
(c)    (1)    The existence of a provision of this subtitle does not of itself create any implication that a contrary or different rule of law is or would be applicable to a corporation that is not a benefit corporation.
(2)    This subtitle does not affect any statute or rule of law as it applies to a corporation that is not a benefit corporation.
(d)    A provision of the charter or bylaws of a benefit corporation may not be inconsistent with any provision of this subtitle.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-03 - Election by Corporation to Become Benefit Corporation

(a)    A corporation may elect to be a benefit corporation under this subtitle by amending or including in the charter of the corporation a statement that the corporation is a benefit corporation.
(b)    An amendment described in subsection (a) of this section shall be approved in accordance with Title 2, Subtitle 6 of this article.
(c)    The name of a domestic benefit corporation or a foreign benefit corporation authorized to transact business in the State must comply with Title 1, Subtitle 5 of this article.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-04 - Termination of Status as Benefit Corporation

(a)    A corporation may terminate status as a benefit corporation and cease to be subject to this subtitle by amending the charter of the corporation to delete the statement that the corporation is a benefit corporation.
(b)    An amendment terminating a corporation’s status as a benefit corporation shall be approved by the stockholders of the corporation in accordance with Title 2, Subtitle 6 of this article.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-05 - Reference to Fact of Benefit Corporation Status

Clear reference to the fact that a corporation is a benefit corporation shall appear prominently:
(1)    At the head of the charter document in which the election to be a benefit corporation is made;
(2)    At the head of each subsequent charter document of the benefit corporation; and
(3)    On each certificate representing outstanding stock of the benefit corporation.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-06 - Purpose

(a)    (1)    Each benefit corporation shall have the purpose of creating a general public benefit.
(2)    The purpose described in paragraph (1) of this subsection is in addition to, and may be a limitation on, the purposes of the corporation under § 2–101 of this article.
(b)    (1)    In addition to its purposes under § 2–101 of this article and subsection (a) of this section, the charter of a benefit corporation may identify as one of the purposes of the benefit corporation the creation of one or more specific public benefits.
(2)    The identification in its charter of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit corporation to create a general public benefit.
(c)    The creation of a general public benefit or specific public benefit as provided in subsections (a) and (b) of this section is in the best interests of the benefit corporation.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-07 - Duties of Director

(a)    A director of a benefit corporation, in performing the duties of a director, including the director’s duties as a member of a committee and in addition to the duties described in § 2–405.1 of this article:
(1)    In determining what the director reasonably believes to be in the best interests of the benefit corporation, shall consider the effects of any action, or decision not to act, on:
(i)    The stockholders of the benefit corporation;
(ii)    The employees and workforce of the benefit corporation and the subsidiaries and suppliers of the benefit corporation;
(iii)    The interests of customers as beneficiaries of the general or specific public benefit purposes of the benefit corporation;
(iv)    Community and societal considerations, including those of any community in which offices or facilities of the benefit corporation or the subsidiaries or suppliers of the benefit corporation are located; and
(v)    The local and global environment; and
(2)    May consider any other pertinent factors or the interests of any other group that the director determines are appropriate to consider.
(b)    A director of a benefit corporation, in the performance of duties in that capacity, does not have any duty to a person that is a beneficiary of the public benefit purposes of the benefit corporation.
(c)    A director of a benefit corporation, in the reasonable performance of duties in accordance with the standard provided in this subtitle, shall have the immunity from liability described in § 5–417 of the Courts Article.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 6C - Benefit Corporations › Section 5-6C-08 - Benefit Report

(a)    A benefit corporation shall deliver to each stockholder an annual benefit report including:
(1)    A description of:
(i)    The ways in which the benefit corporation pursued a general public benefit during the year and the extent to which the general public benefit was created;
(ii)    The ways in which the benefit corporation pursued any specific public benefit that its charter states is the purpose of the benefit corporation to create and the extent to which that specific public benefit was created; and
(iii)    Any circumstances that have hindered the creation by the benefit corporation of the public benefit; and
(2)    An assessment of the societal and environmental performance of the benefit corporation prepared in accordance with a third–party standard applied consistently with the prior year’s benefit report or accompanied by an explanation of the reasons for any inconsistent application.
(b)    The benefit report shall be delivered to each stockholder within 120 days following the end of each fiscal year of the benefit corporation.
(c)    (1)    A benefit corporation shall post its most recent benefit report on the public portion of its Web site, if any.
(2)    If a benefit corporation does not have a public Web site, the benefit corporation shall provide a copy of its most recent benefit report on demand and without charge to any person who requests a copy.
2023 Maryland Statutes › Corporations and Associations › Title 5 - Special Types of Corporations › Subtitle 7 - Miscellaneous › Section 5-701 - Restrictions on Property Holdings

Any provision in the charter of a charitable or benevolent Maryland corporation existing on June 1, 1951, whether incorporated under any public general law or special act of the State, purporting to limit or restrict the tenure or enjoyment of property or income is ineffective to limit or restrict the right of the corporation to hold, enjoy, use, and deal with any property and income in any way.