4380

LAWS OF MARYLAND

Ch. 815

Approved June 1, 1982.

CHAPTER 816

(Senate Bill 787)

AN ACT concerning

Corporations - Nonstock Labor Corporations

FOR the purpose of providing that a nonstock corporation
that is organized to hold title to property for a labor
organization, and for related purposes, requires the
same affirmative vote to approve a consolidation,
merger, or transfer of assets as is required by the
charter constitution or bylaws of the labor
organization.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 5-207

Annotated Code of Maryland

(1975 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Corporations and Associations

5-207.

(a)  A nonstock corporation may consolidate or merge
only with another nonstock corporation.

(b)  A consolidation, merger, or transfer of assets of
a nonstock corporation shall be effected as provided in
Title 3 of this article.

(C) NOTWITHSTANDING § 3-105(D) OF THIS ARTICLE, A
PROPOSED CONSOLIDATION, MERGER, OR TRANSFER OF ASSETS OF A
NONSTOCK CORPORATION ORGANIZED TO HOLD TITLE TO PROPERTY FOR
A LABOR ORGANIZATION , AND FOR RELATED PURPOSES, SHALL BE
APPROVED BY THE SAME AFFIRMATIVE VOTE OF THE MEMBERS OF THE
CORPORATION THAT THE CHARTER CONSTITUTION OR BYLAWS OF THE
LABOR ORGANIZATION REQUIRES FOR THE SAME CORPORATE ACTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.