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Session Laws, 1967
Volume 681, Page 1346   View pdf image (33K)
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1346                            LAWS OF MARYLAND                      [CH. 649

Classes of Corporations, of this Article, in so far as they are appli-
cable.] specifically provided by applicable provisions of Part HI,
Particular Classes of Corporations, of this Article, this Part II, Non-
Stock Corporations, applies to every corporation of this State with-
out capital stock.

(b)    Except as otherwise specifically provided by applicable pro-
visions of this Part II, Non-Stock Corporations, and of Part HI,
Particular Classes of Corporations, of this Article, Part I, Stock
Corporations, of this Article, applies to every corporation of this
State without capital stock unless the context otherwise clearly
requires.

[(b)] (c) Wherever the term stockholder, holder of shares,
or other equivalent words are used in this Article, they shall be
deemed to include members, unless the context otherwise clearly
requires.

134.    Members.

(c)    Notwithstanding any provision of this Article to the con-
trary, any corporation of this State without capital stock may, by
its charter or by-laws, divide its directors or members into classes
and prescribe the tenure and conditions of office of directors and
the rights, privileges and qualifications of members; provided, how-
ever, that no class of director shall be elected to serve for a period
of less than the interval between annual meetings, except where
all or a class of directors must be members and applicable qualifica-
tions for membership may have the effect of shortening such tenure
of office.

135.    Meetings.

(e) A corporation of this State without capital stock, by its
charter or by-laws, may deny or limit the right of members to vote
by proxy and may provide for the right of members to vote by mail
on a stated proposal or for the election of directors or the election
of any officers which are to be elected by members.

136.    Consolidation Merger and Transfers of Assets.

No corporation of this State without capital stock shall consolidate
or merge with any corporation other than another corporation with-
out capital stock. Any consolidation or merger of, and any sale,
lease, exchange or other transfer of all or substantially all the
property and assets of, a
corporation's] of this State without
capital stock, shall be effected in accordance with the provisions of
this Article for consolidation [and], merger and such transfers of
assets
of stock corporations.

136A. Dissolution.

(a)    Subject to the provisions of this section, any dissolution
of a corporation of this State without capital stock shall be effected
in accordance with the provisions of this Article for the dissolution
of stock corporations.

(b)    In connection with the dissolution and liquidation of a
corporation of this State without capital stock, the directors or
trustees shall have the powers and duties of directors of corporations
having capital stock as provided in this Article, except as otherwise
provided by this section. In such dissolution and liquidation:


 

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Session Laws, 1967
Volume 681, Page 1346   View pdf image (33K)
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