1506                                          LAWS OF MARYLAND                                Ch. 567

[general corporation law of the State] MARYLAND GENERAL
CORPORATION LAW which does or intends to do business on a
cooperative basis may convert itself into a cooperative
by amending and restating its charter in accordance with
Title 2, Subtitle 6 of this article.

5-512.

(a)   The business and affairs of a cooperative shall
be managed [by] UNDER THE DIRECTION OF [its] A board of
directors.

5-525.

(b)   THE BYLAWS MAY PROVIDE:

(1)   That the apportionment and distribution
of the net proceeds or savings may be restricted to
members or be made at the same or different rates for
members and nonmember patrons;

(2)    For any reasonable apportionment and
charging of net losses;

(3)   That any distribution to a nonmember
eligible for membership may be credited to him until the
amount credited equals the value of a membership
certificate or a share of the common stock of the
cooperatives; AND

(4)    The minimum amount of any single
patronage transaction which will be considered for the
purpose of participation in an allocation or distribution
of net proceeds, savings, or losses under this section.

5-527.

(a) A cooperative may consolidate, [merger] MERGE,
PARTICIPATE IN A SHARE EXCHANGE, transfer assets, or
dissolve in the manner provided in Title 3 of this
article for stock corporations in general.

5-528.

(c)   The directors of the purchasing cooperative may
hold the stock in trust for the seller and dispose of
[them] IT in ' a manner mutually satisfactory to the
parties in interest. The directors also may pay the
proceeds from the stock to the seller as they are
received.

5-531.

The [general corporation law of the State] MARYLAND
GENERAL CORPORATION LAW applies to every cooperative
except to the extent that the [general corporation law]
MARYLAND GENERAL CORPORATION LAW: