Section 5-507 - Corporation May Be Converted Into Cooperative

(a) Any Maryland corporation organized under the 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. (b) The articles of amendment and restatement shall: (1) State that the corporation elects to become a cooperative under this subtitle; (2) Make every change in the charter necessary to become a cooperative; and (3) Contain a complete restatement of the charter as amended.