(a) A cooperative may: (1) Limit the sale of its common stock or membership to persons designated or described in the bylaws; (2) Provide that a stockholder or member who ceases to belong to the class of persons designated or described in the bylaws loses his right to vote; (3) Limit the number of shares of stock which a person may hold; and (4) Reserve to the board of directors: (i) The option to purchase for the cooperative the stock offered by any stockholder; and (ii) The right to redeem the stock of any stockholder. (b) If a cooperative exercises an option to purchase or a right to redeem, it shall pay for the stock the greater of its book value or its par value. (c) A restriction on the ownership, transfer, or voting of stock authorized by this section is not valid unless the restriction is: (1) Set forth in the charter; and (2) Printed on any stock subscription document and the stock certificate.
Maryland Legal Code