1008                                Laws of Maryland                        [Ch. 458

(d) Nothing in this subsection shall be construed to invalidate any
financing statement properly filed in good faith prior to the effective
date of this amended subsection.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved May 17, 1971.

CHAPTER 458
(Senate Bill 474)

AN ACT to add new Section 411A to Article 23 of the Annotated
Code of Maryland (1966 Replacement Volume), title "Corpora-
tions," subtitle "III. Particular Classes of Corporations," subhead-
ing "Cooperative Associations," to follow immediately after Section
411 thereof, TO BE UNDER THE SUB-SUBHEADING "TRANS-
PORTATION COOPERATIVES," to provide that cooperative,
nonprofit, membership corporations may be organized for the pur-
pose of supplying transportation services and relating generally
to the corporate name and provisions for organization of these
cooperatives.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 411A be and it is hereby added to Article 23 of the
Annotated Code of Maryland (1966 Replacement Volume), title
"Corporations," subtitle "III. Particular Classes of Corporations,"
subheading "Cooperative Associations," TO BE UNDER THE SUB-
SUBHEADING "TRANSPORTATION COOPERATIVES," to fol-
low immediately after Section 411 thereof, and to read as follows:

411A.

(a)  Cooperative, nonprofit, membership corporations may be or-
ganized for the purpose of supplying transportation services and
promoting and extending the use thereof.

(b)  Any association organized under this subtitle may use the
term "cooperative" as part of its corporate name.

(c)  Every association organized under this subtitle shall be organ-
ized in compliance with, and be governed by the provisions regulating
non-stock corporations as set forth elsewhere in this article.

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate pres-
ervation of the public health and safety and having been passed by
a yea and nay vote supported by three-fifths of all the members
elected to each of the two Houses of the General Assembly, the
same shall take effect from the date of its passage.

Approved May 17, 1971.