3478                                          LAWS OF MARYLAND                                     Ch. 738

(6) THE TOWN MAY ENTER INTO AGREEMENTS WITH AGENTS,
BANKS, FIDUCIARIES, INSURERS, OR OTHERS FOR THE PURPOSE OF
ENHANCING THE MARKETABILITY OF OR AS SECURITY FOR THE BONDS OR
NOTES AND FOR SECURING ANY TENDERED OPTION GRANTED TO HOLDERS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 739

(Senate Bill 788)

AN ACT concerning

Cooperatives - Consumer

FOR the purpose of providing provisions for the organization,
maintenance, and dissolution of consumer cooperatives in the
State; providing provisions relating to their method of
incorporation, stock and membership, articles of
incorporation, capital stock, conversion from corporate to
cooperative status, bylaws, the directors and officers and
their qualifications, terms of office and election, special
and membership meetings, voting, the amendment of bylaws
and articles of incorporation, apportionment of savings,
reports, consolidation, division, merger, transfer of
assets, and dissolution of certain cooperatives; providing
for their legal status and exemption from certain securities
and other laws; repealing provisions of law relating to
consumer cooperatives, definitions, voting rights, return on
capital stock, use of proceeds, conversion into a
cooperative, voting capital stock, nonstock voting
membership, charter amendment, and donation of surplus upon
dissolution; and generally relating to the organization,
maintenance, and dissolution of agricultural and consumer
cooperatives in the State of Maryland.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 5-501 to be under the amended subtitle "Subtitle 5.

Agricultural Cooperatives"
Annotated Code of Maryland
(1975 Volume "and 1984 Supplement)

BY adding to

Article - Corporations and Associations