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LAWS OF MARYLAND

Ch. 33

The Commission to Revise the Annotated Code notes
that the Maryland General Corporation Law in CA §
2—109(b) provides that, after the organization
meeting, the power to alter, adopt, or repeal
bylaws is vested in the members, except to the
extent that charter or bylaws vest that power in
the board of directors. Present Art. 23, § 161SS
states that the bylaws nay be amended, but is
silent as to who may adopt the amendments. In
any event, an amendment is not effective without
approval by the Division Director.

The term "Corporation" is defined in § 10-101 of
this title.

10-112. EXCHANGE OF INFORMATION.

SECTION 9-502 OF THIS ARTICLE DOES NOT PREVENT THE
DIVISION DIRECTOR AND REPRESENTATIVES OF THE CORPORATION
FROM EXCHANGING INFORMATION ABOUT AN ASSOCIATION AND ITS

BUSINESS.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161QQ.

The present reference to Art. 23, §§ 160J or
161J, "whichever may have effect", is deleted as
obsolete.

The only other changes are in style.

As to the confidentiality required of the
Division Director, generally, see the referenced
§ 9-502 of this article.

"Association" and "Corporation" are defined in §
10-101 of this title.

10-113. ACCUMULATED EARNINGS RETAINED; PAYMENT OF INTEREST.

(A)        ACCUMULATION.

THE NET EARNINGS OF THE CORPORATION SHALL BE
ACCUMULATED AND MAY NOT BE RETURNED TO ITS MEMBERS.

(B)   PAYMENT OF INTEREST.

THE CORPORATION MAY PAY INTEREST TO ITS MEMBERS FOR
DEPOSITS, LOANS, OR ADVANCES TO THE CENTRAL RESERVE FUND.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161NN(c).

As to the Central Reserve Fund, see § 10-104 of
this title.