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HARRY HUGHES, Governor 3289
EXPRESSLY APPLICABLE TO COOPERATIVE HOUSING CORPORATION, THE
LOCAL JURISDICTION SHALL FORWARD A COPY OF THE LAW, ORDINANCE, OR
REGULATION TO THE SECRETARY OF STATE.
5-6B-13.
(A) A COOPERATIVE INTEREST IS NOT A SECURITY UNDER THE
MARYLAND SECURITIES ACT.
(B) THE PROVISIONS OF TITLE 8 OF THE COMMERCIAL LAW ARTICLE
WHERE CONSISTENT WITH THIS ARTICLE SHALL APPLY TO MEMBERSHIP
CERTIFICATES IN COOPERATIVE HOUSING CORPORATIONS.
5-6B-14.
THE FACT THAT ECONOMIC ACTIVITY IS ORGANIZED UNDER THIS
SUBTITLE MAY NOT CAUSE THE ACTIVITY TO BE DEEMED A CONSPIRACY OR
COMBINATION IN RESTRAINT OF TRADE OR AN ILLEGAL MONOPOLY, OR AN
ATTEMPT TO LESSEN COMPETITION OR FIX PRICES ARBITRARILY.
5-6B-15.
TO THE EXTENT NOT INCONSISTENT WITH THIS SUBTITLE, THE
PROVISIONS OF THIS ARTICLE APPLICABLE TO STOCK AND NONSTOCK
CORPORATIONS SHALL APPLY TO ALL COOPERATIVE HOUSING CORPORATIONS.
5-6B-16.
(A) A COOPERATIVE INTEREST IS PERSONAL PROPERTY AND, AFTER
RECEIPT BY THE COOPERATIVE HOUSING CORPORATION OF ANY OUTSTANDING
MEMBERSHIP CERTIFICATE AND PROPRIETARY LEASE WITH RESPECT TO THAT
COOPERATIVE INTEREST, THAT COOPERATIVE INTEREST SHALL BE
TRANSFERRED BY APPROPRIATE NOTATION MADE ON THE BOOKS AND RECORDS
OF THE COOPERATIVE HOUSING CORPORATION AND THE EXECUTION AND
DELIVERY TO THE TRANSFEREE BY THE COOPERATIVE HOUSING CORPORATION
OF A MEMBERSHIP CERTIFICATE AND PROPRIETARY LEASE, IF ANY.
(B) THE POSSESSORY INTEREST EVIDENCED BY A PROPRIETARY
LEASE IS A PART OF AND MAY NOT BE SEVERED FROM THE COOPERATIVE
INTEREST EVIDENCED BY THE MEMBERSHIP CERTIFICATE.
5-6B-17.
(A) A SECURITY INTEREST IN A COOPERATIVE INTEREST SHALL
ATTACH, BE PERFECTED, AND BE ENFORCEABLE AS PROVIDED IN TITLE 9
OF THE COMMERCIAL LAW ARTICLE.
(B) THE SECURITY INTEREST MAY BE PERFECTED BY THE SECURED
PARTY'S TAKING POSSESSION OF THE MEMBERSHIP CERTIFICATE OR BY
FILING A FINANCING STATEMENT AMONG THE RECORDS OF THE DEPARTMENT
OF ASSESSMENTS AND TAXATION AS PROVIDED IN TITLE 9 OF THE
COMMERCIAL LAW ARTICLE.
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