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H.B. 1156 VETOES
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(4) ANY OTHER MONEY FROM ANY SOURCE ACCEPTED FOR THE
BENEFIT OF THE FUND.
(F) THE FUND MAY BE USED ONLY FOR PLANNING, CONSTRUCTION, AND
MAINTENANCE OF BROADBAND TELECOMMUNICATION COMMUNICATION SERVICES
AND EQUIPMENT IN RURAL AND UNDERSERVED AREAS, AND RELATED ACTIVITIES.
(G) (1) THE TREASURER SHALL INVEST THE MONEY IN THE FUND IN THE
SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED.
(2) ANY INVESTMENT EARNINGS OF THE FUND SHALL BE CREDITED TO
THE GENERAL FUND OF THE STATE.
(H) EXPENDITURES FROM THE FUND MAY ONLY BE MADE IN ACCORDANCE
WITH THE STATE BUDGET THE DEPARTMENT SHALL MAKE DISBURSEMENTS FROM
THE FUND WITHIN 30 DAYS FOLLOWING NOTICE OF A DECISION OF THE BOARD
UNDER ARTICLE 41, § 21-102(B)(3) OF THE CODE.
Article—Corporations and Associations
5-5A-24.
(a) (1) Except as provided in paragraph (2) of this subsection, a cooperative
may consolidate, merge, transfer assets, dissolve, or divide in the manner provided in
Title 3 of this article.
(2) (i) In the case of a cooperative with more than 10,000 voting
members, wherever Title 3 of this article requires the affirmative vote of the members
or stockholders, the members and stockholders entitled to vote shall approve the
consolidation, merger, transfer of assets, dissolution, or division in the manner
provided for in § 5-5A-21(a)(3) of this subtitle for amendments to the articles of
incorporation.
(ii) This provision is reserved for the members and may not be the
prerogative of the delegates.
(b) (1) A cooperative may, with proper notice, at any regular or special
meeting of its members, be dissolved by a vote of two-thirds of the membership voting
in person or by mail ballot. This right of dissolution is a right reserved for the
membership and not the right of the delegates.
(2) On affirmative vote to dissolve the cooperative, 3 members shall be
elected as trustees by a majority vote of the members voting at that regular or special
meeting.
(3) The trustees, on behalf of the cooperative and within a time fixed in
their designation or within any extension thereof, shall liquidate the assets of the
cooperative and distribute the assets in the manner set forth in this section.
(e) A suit for involuntary dissolution of the cooperative organized under this
subtitle may be instituted for the causes and prosecuted in the manner set forth in
the general corporate law of Maryland. Assets shall be distributed in a manner set
forth in this subtitle.
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