3482

LAWS OF MARYLAND

Ch. 739

CORPORATIONS UNDER THE GENERAL CORPORATION LAWS OF MARYLAND AND
ALL POWERS WHICH MAY BE NECESSARY, CONVENIENT, OR EXPEDIENT FOR
THE ACCOMPLISHMENT OF ITS PURPOSES.

5-5A-07.

(A) WITHIN THE LIMITATIONS OF THIS SUBTITLE, THE ARTICLES
OF INCORPORATION OR BYLAWS OF A CONSUMER COOPERATIVE SHALL
CONTAIN:

(1)  THE NAME OF THE COOPERATIVE, WHICH SHALL INCLUDE
THE WORK "COOPERATIVE" OR THE ABBREVIATION "COOP";

(2)  THE NAME, ADDRESS, AND STATE OF RESIDENCE OF EACH
INCORPORATOR;

(3)  A STATEMENT OF THE PURPOSES OF THE COOPERATIVE;

(4)  THE ADDRESS OF ITS PRINCIPAL OFFICE IN THE STATE;

AND
STATE.

(5) THE NAME AND ADDRESS OF ITS RESIDENT AGENT IN THE

(B) (1) IF THE COOPERATIVE IS ORGANIZED WITH CAPITAL STOCK,
THE ARTICLES OF INCORPORATION SHALL STATE:

(I)  THE NUMBER OF AUTHORIZED SHARES OF STOCK;

(II)  THE PAR VALUE OF EACH SHARE OF STOCK; AND

(III)  THE AGGREGATE PAR VALUE OF ALL AUTHORIZED
SHARES OF STOCK.

(2) A COOPERATIVE MAY NOT ISSUE STOCK WITHOUT PAR
VALUE.

(C)  IF THE COOPERATIVE IS ORGANIZED WITHOUT CAPITAL STOCK,
THE ARTICLES OF INCORPORATION SHALL STATE WHETHER THE PROPERTY
RIGHTS OF ITS MEMBERS ARE EQUAL OR UNEQUAL, AND, IF UNEQUAL, THE
RULE BY WHICH THE PROPERTY RIGHTS OF MEMBERS, INCLUDING MEMBERS
ADMITTED AFTER THE ORIGINAL ORGANIZATION, ARE TO BE DETERMINED.

(D)  THE ARTICLES SHALL STATE THE METHOD BY WHICH ANY
SURPLUS EXISTING UPON DISSOLUTION OF THE COOPERATIVE MAY BE
DISTRIBUTED AS A GIFT TO ANOTHER COOPERATIVE OR TO A NONPROFIT
TAX EXEMPT ENTERPRISE.

(E)  THE ARTICLES MAY ALSO CONTAIN ANY OTHER PROVISIONS NOT
INCONSISTENT WITH THE LAW OF THIS STATE OR WITH THIS SUBTITLE FOR
THE CONDUCT OF THE COOPERATIVE'S AFFAIRS.

5-5A-08.