1668 LAWS OF MARYLAND. [CH. 907

or other services, as patronage refunds prorated in accordance
with the patronage of the cooperative by the respective mem-
bers and such other persons, paid for during such fiscal year;
provided, however, that such distribution shall not be made
to any such other person until he has become a member of
the cooperative. If such other person does not become a mem-
ber of the cooperative within one year after the amount of
his distributive share or accumulated distributive shares
equals the membership fee required by the by-laws of the
cooperative, or, if no membership fee is required, within two
years after the declaration of any such patronage refund,
he shall cease to be entitled to such share or shares, which
shall in such case, be paid into the education fund of the
cooperative. Nothing herein contained shall be construed to
prohibit the payment by a cooperative of all or any part of its
indebtedness prior to the date when the same shall become due.

483. Disposition of Property, (a) The board of directors
of a cooperative shall have full power and authority, with-
out authorization by the members thereof, to authorize the
execution and delivery of a mortgage or mortgages or a deed
or deeds of trust of, or the pledging or encumbering of. any
or all of the property, assets, rights, privileges, licenses,
franchises and permits of the cooperative, whether acquired
or to be acquired, and wherever situated, as well as the rev-
enues and income therefrom, all upon such terms and condi-
tions as the board of directors shall determine, to secure any
indebtedness of the cooperative to United States of America
or any agency or instrumentality thereof.

(b) A cooperative may not otherwise sell, mortgage, lease
or otherwise dispose of or encumber all or a substantial por-
tion of its property unless such sale, mortgage, lease or other
disposition or encumbrance is authorized by the affirmative
vote of not less than a majority of all the members of the
cooperative; provided, however, that notwithstanding any
other provision of this subheading, or any other provision of
law, the board of directors may, upon the authorization of a
majority of those members of the cooperative present at a
meeting of the members thereof, sell, lease or otherwise dis-
pose of all or a substantial portion of its property to an-
other cooperative or a foreign corporation doing business in
this State pursuant to this subheading or to the holder or
holders of any notes, bonds or other evidences of indebted-
ness of the cooperative issued to United States of America or
any agency or instrumentality thereof.

484. Non-liability of Members for Debts of Cooperative.
No member shall be liable or responsible for any debts of the