ROBERT L. EHRLICH, JR., Governor                             Ch. 382

Annotated Code of Maryland

(1999 Replacement Volume and 2003 Supplement)

BY repealing and reenacting, with amendments,
Article - Real Property
Section 11-116 and 11B-112
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-18.3.

(A)     (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, ALL
BOOKS AND RECORDS KEPT BY OR ON BEHALF OF A COOPERATIVE HOUSING
CORPORATION SHALL BE MADE AVAILABLE FOR EXAMINATION AND COPYING BY A
MEMBER, A MEMBER'S MORTGAGEE, AND THEIR RESPECTIVE DULY AUTHORIZED
AGENTS OR ATTORNEYS, DURING NORMAL BUSINESS HOURS, AND AFTER
REASONABLE NOTICE.

(2) BOOKS AND RECORDS KEPT BY OR ON BEHALF OF A COOPERATIVE
HOUSING CORPORATION MAY BE WITHHELD FROM PUBLIC INSPECTION TO THE
EXTENT THAT THEY CONCERN:

(I)      PERSONNEL RECORDS;

(II)     AN INDIVIDUAL'S MEDICAL RECORDS;

(III)   AN INDIVIDUAL'S FINANCIAL RECORDS;

(IV)    RECORDS RELATING TO BUSINESS TRANSACTIONS THAT ARE
CURRENTLY IN NEGOTIATION;

(V)     THE WRITTEN ADVICE OF LEGAL COUNSEL; OR

(VI)    MINUTES OF A CLOSED MEETING OF THE BOARD OF
DIRECTORS OR OTHER GOVERNING BODY OF THE COOPERATIVE HOUSING
CORPORATION.

(B)     THE COOPERATIVE HOUSING CORPORATION MAY IMPOSE A REASONABLE
CHARGE ON A PERSON DESIRING TO REVIEW OR COPY THE BOOKS AND RECORDS.

Article - Real Property

11-116.

(a) The council of unit owners shall keep books and records in accordance with
good accounting practices on a consistent basis.

- 1389 -