444 LAWS or MARYLAND. [CH. 107

SEC. 476. Any association incorporated under this Act may
become a member or stockholder of any other association or
associations organized hereunder.

SEC. 477. Any association incorporated under this Act,
may upon resolution adopted by its board of directors, enter
into all necessary and proper contracts and agreements with
any other corporation, association or associations formed in
this or in any other state on a cooperative basis for the carry-
ing on of its business, or any part thereof. Any two
or more such associations may, by agreement between them,
unite in employing and using or may separately employ and
use the same methods, means and agencies for carrying on and
conducting their respective business.

SEC. 478. Each association incorporated under this act
must, within thirty (30) days after its incorporation, adopt,
for its government and management a code of by-laws not
inconsistent with the powers granted by this act. A majority
vote of the members or stockholders, or their written assent, is
necessary to adopt, alter or amend such by-laws.

SEC. 479. The affairs of the association shall be managed
by a board of not less than five directors at least two of whom
shall be residents of the State of Maryland and who shall be
elected by the members or stockholders from their own num-
ber at such time and for such term of office as the by-laws may
prescribe. The by-laws may provide that the territory in
which the association has members shall be divided into dis-
tricts and that the directors shall be elected according to such
districts. In such case by-laws shall specify the number
of directors to be elected by each district, the manner and
method of reapportioning the directors and of redistricting
the territory covered by the association. The by-laws shall
provide that primary elections shall be held in each district
to nominate a number of directors greater than the num-
ber to be elected in such district and the result of
all such primary elections must be ratified by majority
vote of the members present at the next regular meeting of the
association. An association may provide a fair remuneration
for the time actually spent by its officers and directors in its
service. No director, during the term of his office, shall be a
party to a contract for profit with the association differing in
any way from the business relations accorded regular members or
holders of common stock of the association. When a vacancy on