Ch. 286

2004 LAWS OF MARYLAND

BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 5-6B-01
Annotated Code of Maryland
(1999 Replacement Volume and 2003 Supplement)

BY adding to

Article - Corporations and Associations

Section 5-6B-18.3 and 5-6B-18.4

Annotated Code of Maryland

(1999 Replacement Volume and 2003 Supplement)

BY repealing and reenacting, with amendments,
Article - Real Property
Section 11-101, 11-109(c), and 11B-101
Annotated Code of Maryland
(2003 Replacement Volume and 2003 Supplement)

BY adding to

Article - Real Property

Section 11-139.1, 11-139.2, 11B-113.1, and 11B-113.2

Annotated Code of Maryland

(2003 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

5-6B-01.

(a)     In this subtitle the following terms have the meanings indicated.

(b)     "Articles of incorporation" means the charter by which a cooperative
housing corporation becomes incorporated under this article.

(c)     "Blanket encumbrance" means any contract binding on a cooperative
housing corporation and creating a lien or security interest or other encumbrance or
imposing restrictions on any real or personal property owned by the cooperative
housing corporation.

(d)     "Bylaws" means the document which details and governs the internal
organization and operation of the cooperative housing corporation.

(e)     "Conversion" means the creation of a cooperative housing corporation from
a property which was immediately previously a residential rental facility.

(f)      "Cooperative housing corporation" means a domestic or foreign corporation
qualified in this State, either stock or nonstock, having only one class of stock or

- 1058 -