Md. Code Ann., Corps. & Ass'ns § 5-636
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2021
As of January 1, 2019
(a) Articles of incorporation, amendment, consolidation, merger, conversion, or dissolution, and certificates of election to dissolve, executed and accompanied by any affidavits required under this subtitle, shall be filed for record with the Department.
(b) On payment of the fees provided for in § 5-637 of this subtitle, the Department shall accept for record any articles or certificate filed with the Department under this section if the Department finds that the articles or certificate conform to the requirements of this subtitle.
(c) The incorporation, amendment, consolidation, merger, conversion, or dissolution provided for in articles of incorporation, amendment, consolidation, merger, conversion, or dissolution is effective as of the time the Department accepts the articles for record.
(a) Subject to subsection (b) of this section, within 180 days after providing a certification to the Commission under § 5–635(h) of this subtitle, the cooperative’s board of directors, by a supermajority vote, shall:
(1) Adopt bylaws for the member–regulated cooperative; and
(2) Amend the cooperative’s articles of incorporation to reflect the cooperative’s conversion to being a member–regulated cooperative.
(b) The bylaws and amended articles of incorporation shall:
(1) Authorize the member–regulated cooperative to provide broadband Internet service;
(2) Establish a plan for making broadband Internet service available to members in a manner that maximizes deployment with available financial resources;
(3) Include an allocation method in accordance with § 5–607(c) of this subtitle to ensure that electric customers do not subsidize the cost of broadband Internet service; and
(4) Except as provided in § 5–637(a)(2) of this subtitle, be consistent with this subtitle.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.