§ 5-506

Maryland § 5-506

• Jurisdiction: Maryland
• Article gca: Corporations and Associations
• Title: 5

Text

The charter of a cooperative may be amended as provided in Title 2 of this article, except that:

(1) An amendment which alters the contract or property rights of any outstanding stock or of any member is not valid unless approved in person or by mail by the affirmative vote of:

(i) Two thirds of all the members; or

(ii) Two thirds of each class of members whose rights would be altered;

(2) Notwithstanding any other provision of this article, the requirement of item (1) of this section for a two-thirds vote may not be lowered by the charter of the cooperative; and

(3) Any objecting member whose contract or property rights are substantially adversely affected by the amendment, on compliance with the provisions of Title 3, Subtitle 2 of this article, has the same rights with respect to his contract and property rights as an objecting stockholder has with respect to his stock.