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Statutes Text

Article - Corporations and Associations


    (a)    (1)    Except as provided in paragraph (2) of this subsection, this subtitle is applicable to all cooperative housing corporations.

        (2)    The articles of incorporation, bylaws, membership certificates, or proprietary leases of a cooperative housing corporation established before July 1, 1986 need not be amended to comply with the requirements of this subtitle.

    (b)    Section 5–6B–02 of this subtitle shall apply to the initial sale of cooperative interests being offered for sale on or after July 1, 1986, if on that date, the developer has not sold any cooperative interests to initial purchasers.

    (c)    The provisions of §§ 5–6B–02 through 5–6B–04 of this subtitle and §§ 5–6B–06 through 5–6B–12 of this subtitle are not applicable to cooperative housing corporations in which cooperative interests have been sold to initial purchasers prior to July 1, 1986 if by January 1, 1987, the developer has sold 75 percent or more of the cooperative interests to initial purchasers.

    (d)    (1)    Except as provided in paragraph (2) of this subsection, the notice required by § 5–6B–05 of this subtitle shall be given to any tenant in possession of any portion of a residential rental facility on or after January 1, 1987.

        (2)    The requirements of paragraph (1) of this subsection do not apply to nonresidential tenants.

    (e)    Any security interest in a cooperative interest which is perfected in any manner and has attached prior to July 1, 1986 shall continue to be perfected on and after that date.

    (f)    (1)    A corporation, trust, unincorporated association, or other entity existing on July 1, 1986 that desires to confirm its status as a cooperative housing corporation under this subtitle, shall file a resolution with the board of directors or governing body of the entity electing to confirm the status.

        (2)    If the entity is unincorporated, the entity shall file original articles of incorporation reflecting its status with the Department of Assessments and Taxation.

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