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Ch. 135
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2002 LAWS OF MARYLAND
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5-640. DISPOSITION OF PROPERTY.
(A) ENCUMBRANCES ON PROPERTY.
(1) WITHOUT AUTHORIZATION BY THE MEMBERS AND ON THE
CONDITIONS THE BOARD OF DIRECTORS DETERMINES, THE BOARD OF DIRECTORS
OF A COOPERATIVE MAY AUTHORIZE THE EXECUTION AND DELIVERY OF A
MORTGAGE OR DEED OF TRUST OF, OR THE PLEDGING OR ENCUMBERING OF, ANY OR
ALL OF THE ASSETS OF THE COOPERATIVE, WHETHER ACQUIRED OR TO BE
ACQUIRED, AND WHEREVER LOCATED, AND THE REVENUES AND INCOME FROM THE
ASSETS, TO SECURE ANY INDEBTEDNESS OF THE COOPERATIVE TO:
(I) THE UNITED STATES OR AN AGENCY OR INSTRUMENTALITY OF
THE UNITED STATES; OR
(II) 1. A NATIONAL FINANCING INSTITUTION THAT IS
ORGANIZED ON A COOPERATIVE PLAN FOR THE PURPOSE OF FINANCING ITS
MEMBERS' PROGRAMS, PROJECTS, AND UNDERTAKINGS, AND IN WHICH THE
COOPERATIVE HOLDS MEMBERSHIP; OR
2. ANY OTHER FINANCING INSTITUTION.
(2) A LOAN DESCRIBED IN PARAGRAPH (1) OF THIS SUBSECTION IS NOT
SUBJECT TO § 4-106(B) OF THE REAL PROPERTY ARTICLE.
(B) SALE, LEASE, OR DISPOSITION OF PROPERTY.
(1) A COOPERATIVE MAY NOT SELL, LEASE, OR OTHERWISE DISPOSE OF
ALL OR A SUBSTANTIAL PORTION OF ITS ASSETS UNLESS:
(I) THE SALE, LEASE, OR DISPOSITION IS AUTHORIZED AT A
MEETING OF THE MEMBERS BY THE AFFIRMATIVE VOTE OF NOT LESS THAN A
MAJORITY OF ALL THE MEMBERS OF THE COOPERATIVE; AND
(II) THE NOTICE OF THE MEETING CONTAINED NOTICE OF THE
PROPOSED SALE, LEASE, OR DISPOSITION.
(2) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ON THE
AUTHORIZATION OF A MAJORITY OF THE MEMBERS OF THE COOPERATIVE PRESENT
AT A MEETING OF THE MEMBERS, THE BOARD OF DIRECTORS MAY SELL, LEASE, OR
OTHERWISE DISPOSE OF ALL OR A SUBSTANTIAL PORTION OF ITS ASSETS TO:
(I) ANOTHER COOPERATIVE OR A FOREIGN CORPORATION DOING
BUSINESS IN THE STATE UNDER THIS SUBTITLE; OR
(II) THE HOLDER OF ANY NOTE, BOND, OR OTHER EVIDENCE OF
INDEBTEDNESS OF THE COOPERATIVE ISSUED TO THE UNITED STATES OR AN
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.
DRAFTER'S NOTE: This section is new language derived without substantive
change from former Ch. 179, § 24, Acts of 1976, as amended by Ch. 604, Acts of 2001.
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- 1444 -
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