Md. Code Ann., Corps. & Ass'ns § 5-5A-12 – Number and qualifications of directors | Midpage
§ 5-5A-12
Md. Code Ann., Corps. & Ass'ns § 5-5A-12
Number and qualifications of directors
Added by Acts 1985, c. 739.State of Maryland
(a) The business and affairs of a cooperative shall be managed under the direction of a board of directors. Every cooperative shall have at least 5 directors.
(b) Except in the case of foreign cooperatives, at least 2 of the directors shall be residents of this State.
(c) Each director shall be a member of the cooperative or of a member cooperative.