§ 5–6D-03
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 5-6D-03 (2026)
Title 5. Special Types of Corporations
Subtitle 6D. Cooperative Limited Equity Housing Corporations
§ 5–6D-03LinkCopy Citation
(a)
On acquiring a residential rental facility, a Maryland nonstock corporation organized for the purpose of converting to a cooperative limited equity housing corporation shall hold a vote to convert to a cooperative limited equity housing corporation not later than 60 days after delivering notice that:
(1)
Informs the members of the date of the vote; and
(2)
Provides the members with a copy of the documents to be submitted to the Department.
(b)
(1)
A vote to convert shall:
(i)
Consist of a quorum of the majority of the total membership; and
(ii)
Require an affirmative vote by a majority of the members present.
(2)
A vote under this subsection shall be conducted in accordance with the governing documents of the Maryland nonstock corporation.
(c)
(1)
If a majority of the members of the Maryland nonstock corporation present for the vote elect to convert to a cooperative limited equity housing corporation, the Maryland nonstock corporation shall prepare and submit to the Department the required documents and information in accordance with § 5–6D–04 of this subtitle.
(2)
If a vote to convert to a cooperative limited equity housing corporation under subsection (b) of this section fails, the Maryland nonstock corporation may not attempt to convert to a cooperative limited equity housing corporation for at least 12 months after the date of the failed vote.