Section 5-512 - Management of cooperative; number and qualifications of directors. - Maryland Statutes

§ 5-512. Management of cooperative; number and qualifications of directors.
 

(a)  Management of cooperative.- The business and affairs of a cooperative shall be managed under the direction of a board of directors. 

(b)  Number and qualifications of directors.- Every cooperative shall have at least five directors, at least two of whom are residents of the State and each of whom is a member of the cooperative or of a member cooperative. 
 

[An. Code 1957, art. 23, § 360; 1975, ch. 311, § 2; 1976, ch. 567, § 2; ch. 694.]