Section 5-507 - Corporation may be converted into cooperative. - Maryland Statutes

§ 5-507. Corporation may be converted into cooperative.
 

(a)  General rule.- 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)  Articles of amendment and restatement.- 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. 
 

[An. Code 1957, art. 23, § 374; 1975, ch. 311, § 2; 1976, ch. 567, § 2.]