1696

LAWS OF MARYLAND

[Ch. 311

(2) SPECIFIC PROVISIONS OF THIS SUBTITLE OR OTHER
SUBTITLES GOVERNING SPECIFIC CLASSES OF CORPORATIONS
PROVIDE OTHERWISE.

REVISOR'S NOTE: This section presently appears as
Art. 23, §132(b).

Art. 23, §132(a) is proposed for repeal as
unnecessary in light of the provisions of
§1-102 of this article.

Art. 23, §132(c) is also proposed for repeal
as its provisions, which define a
"stockholder" as including "members" are
contained in §1—101 of this article.

In this section and throughout this subtitle,
the words "nonstock corporation" are
substituted for "corporation of this State
without capital stock."

The only other changes are in style.

5-202. PROVISIONS IN CHARTER OR BYLAWS.

(A)    LACK OF AUTHORITY TO ISSUE STOCK.

THE CHARTER OF EACH NONSTOCK CORPORATION FORMED
AFTER JUNE 1, 1951, SHALL PROVIDE THAT THE CORPORATION
HAS NO AUTHORITY TO ISSUE CAPITAL STOCK.

(B)   OTHER CHARTER OR BYLAW PROVISIONS.

NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE,
THE CHARTER OR BYLAWS OF A NONSTOCK CORPORATION MAY:

(1)   DIVIDE THE DIRECTORS OR MEMBERS OF THE
CORPORATION INTO CLASSES;

(2)    PRESCRIBE THE     TENURE AND CONDITIONS OF
OFFICE OF ITS DIRECTORS, BUT NO   CLASS OF DIRECTOR MAY BE
ELECTED TO SERVE FOR A PERIOD   SHORTER THAN THE INTERVAL
BETWEEN ANNUAL MEETINGS UNLESS:

(I)   ALL OR A CLASS OF DIRECTORS MUST BE
MEMBERS; AND

(II)    QUALIFICATIONS FOR MEMBERSHIP HAVE THE
EFFECT OF SHORTENING THEIR TENURE OF OFFICE;

(3)   PRESCRIBE THE RIGHTS, PRIVILEGES, AND
QUALIFICATIONS OF ITS MEMBERS;

(4) PRESCRIBE THE MANNER OF GIVING NOTICE OF