MARVIN MANDEL, Governor                                  791

require that certain cooperative associations
appoint its auditors and legal counsel by its Board
of Directors; and to generally change the law
relating to cooperative associations.

BY repealing and reenacting, with amendments,

Article — Corporations and Associations

Section 5-52 9

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 5-529 of Article - Corporations
and Associations, of the Annotated Code of Maryland (1975
Volume and 1975 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:

Article — Corporations and Associations

5-529.

(a)    Before [March 15 of each] THE FIFTEENTH DAY OF
THE FOURTH MONTH FOLLOWING THE END OF ITS FISCAL year,
every cooperative shall file with the department an
annual report in duplicate.

(b)    The annual report shall contain:

(1)    The name and principal office of the
cooperative;

(2)    A [general statement as to] DESCRIPTION
OF its business, including:

(i) [The total amount of business transacted
during the year] THE ASSOCIATION'S ANNUAL FINANCIAL
STATEMENTS CONSISTING OF A BALANCE SHEET;

(ii) [The amount of stock and membership
capital paid for] A STATEMENT OF INCOME AND EXPENSES OR A
STATEMENT OF CHANGES IN FINANCIAL POSITION;

(iii) [The authorized rate of dividends on the
fully paid capital stock;

(iv)] The number of members OR STOCKHOLDERS AS
OF THE CLOSE OF ITS FISCAL YEAR[; ].

[ (v) The total expenses of operation;

(vi) The amount of indebtedness or
liabilities; and

(vii) The profits and losses.]

(c) The department shall transmit one copy of the