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LAWS OF MARYLAND

Ch. 179

The provisions of [Article 32A, §§ 13 and 15,
inclusive,] §§ 11-301 AND 11-401 THROUGH 11-404 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE shall not apply to
any note, bond or other evidence of indebtedness issued
by any cooperative or foreign corporation doing business
in this State pursuant to this [subheading] ACT to THE
United States of America or any agency or instrumentality
thereof, or to any mortgage, deed of trust or other
instrument executed to secure the same. The provisions
of said sections shall not apply to the issuance of
membership certificates by any cooperative or any such
foreign corporation.

[411] 32. Construction of [subtitle] ACT.

This [subtitle] ACT shall be construed liberally.
The enumeration of any object, purpose, power, manner,
method, or thing shall not be deemed to exclude like or
similar objects, purposes, powers, manners, methods or
things.

REVISOR'S NOTE: The Commission to Revise the
Annotated Code proposes that the "Electric
Cooperative Act," present Article 23, §§ 379
through 411, be decodified and transferred to
the Session Laws. This proposal is made after
research revealed that:

1.    There are only two Maryland electric
cooperatives organized under the Act and two
foreign electric cooperatives doing business
in Maryland. Together they account for less
than 3 percent of the total electricity in
this State.

2.    Historically, the electric cooperative
was a response to the Federal Rural
Electrification Act of 1936, authorizing 2
percent loans to those who would provide
electricity to rural areas not already
electrified. However, since Maryland is now
divided into service areas by the Public
Service Commission and since every area is
served by an electric company, there appears
to be no likelihood of a further electric
cooperative forming in Maryland.

3.    Since passage of the Electric
Cooperative Act in 1941, there have been only
two amendments to the Act, both to §402,
dealing with deeds of trust and investments.
Other than these amendments, the Act has
remained untouched for 34 years.

The Maryland Public Service Commission and
Department of Assessments and Taxation agreed
to the decodification, and the attorneys for
the two Maryland electric cooperatives also