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PARRIS N. GLENDENING, Governor
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Ch. 135
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5-620. RESERVED.
5-621. RESERVED.
PART IV. DIRECTORS AND OFFICERS.
5-622. BOARD OF DIRECTORS.
(A) MANAGEMENT OF COOPERATIVE; MINIMUM NUMBER OF DIRECTORS.
(1) THE BUSINESS OF A COOPERATIVE SHALL BE MANAGED BY A BOARD
OF DIRECTORS.
(2) EACH COOPERATIVE SHALL HAVE AT LEAST FIVE DIRECTORS.
(B) MEMBERSHIP REQUIREMENT.
EACH DIRECTOR SHALL BE A MEMBER OF THE COOPERATIVE OR OF A MEMBER
COOPERATIVE.
(C) BYLAWS PROVISIONS.
(1) THE BYLAWS SHALL ESTABLISH:
(I) THE NUMBER OF DIRECTORS;
(II) THE QUALIFICATIONS OF DIRECTORS OTHER THAN THE
QUALIFICATIONS REQUIRED UNDER THIS SUBTITLE;
(III) THE MANNER OF HOLDING MEETINGS OF THE BOARD OF
DIRECTORS; AND
(IV) THE MANNER OF ELECTING SUCCESSORS TO DIRECTORS WHO
RESIGN, DIE, OR ARE OTHERWISE INCAPABLE OF ACTING.
(2) THE BYLAWS MAY PROVIDE FOR THE REMOVAL OF DIRECTORS FROM
OFFICE AND FOR THE ELECTION OF THEIR SUCCESSORS.
(C) SPOUSES HOLDING JOINT MEMBERSHIP.
IF A HUSBAND AND WIFE HOLD A JOINT MEMBERSHIP IN A COOPERATIVE,
EITHER ONE, BUT NOT BOTH, MAY BE ELECTED A DIRECTOR.
(D) QUORUM.
A MAJORITY OF THE BOARD OF DIRECTORS IS A QUORUM.
(E) COMPENSATION.
(1) A DIRECTOR MAY NOT RECEIVE A SALARY FOR SERVING AS A
DIRECTOR
(2) EXCEPT IN EMERGENCIES, A DIRECTOR MAY NOT BE EMPLOYED BY
THE COOPERATIVE IN ANY CAPACITY INVOLVING COMPENSATION WITHOUT THE
APPROVAL OF THE MEMBERS.
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- 1419 -
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