Section 5-511 - Bylaws. - Maryland Statutes

§ 5-511. Bylaws.
 

(a)  Adoption of bylaws required.- Within 30 days after the Department accepts for record the articles of incorporation of a cooperative or the articles of amendment and restatement of a corporation converting into a cooperative, the cooperative shall adopt bylaws not inconsistent with law or its charter for the regulation and management of its affairs. 

(b)  Vote required.- The bylaws of a cooperative may be adopted, altered, amended, or repealed only by the affirmative vote of two thirds of the members voting in person or by mail. 

(c)  Copy of bylaws to be kept at principal office.- The original or a certified copy of the bylaws and all amendments shall be kept at the principal office of the cooperative. 
 

[An. Code 1957, art. 23, § 359; 1975, ch. 311, § 2.]