(a) A cooperative interest is personal property and, after receipt by the cooperative housing corporation of any outstanding membership certificate and proprietary lease with respect to that cooperative interest, that cooperative interest shall be transferred by appropriate notation made on the books and records of the cooperative housing corporation and the execution and delivery to the transferee by the cooperative housing corporation of a membership certificate and proprietary lease, if any.
(b) The possessory interest evidenced by a proprietary lease is a part of and may not be severed from the cooperative interest evidenced by the membership certificate.
Structure Maryland Statutes
Title 5 - Special Types of Corporations
Subtitle 6B - Maryland Cooperative Housing Corporation Act
Section 5-6B-02 - Contract for Initial Sale of Cooperative Interest; Public Offering Statements
Section 5-6B-05 - Notice of Conversion to Tenants
Section 5-6B-06 - Option to Purchase
Section 5-6B-07 - Lease Extension for Designated Households
Section 5-6B-08 - Right of Local Governments to First Right of Purchase
Section 5-6B-09 - Authority of Local Governments to Require First Right of Purchase at Same Terms
Section 5-6B-11 - Deposits Made on Sale of Cooperative Interests Held in Escrow
Section 5-6B-12 - Consumer Protection Standards and Enforcement
Section 5-6B-13 - Cooperative Interests Not Security or Investment Security
Section 5-6B-14 - Restraints of Trade
Section 5-6B-15 - Applicability of General Corporation Law
Section 5-6B-16 - Cooperative Interest Deemed Personal Property
Section 5-6B-17 - Perfection of Security Interests and Cooperative Interests
Section 5-6B-18 - Assignment of Votes
Section 5-6B-19 - Meetings of Cooperative Housing Corporation, Governing Body, or Committee
Section 5-6B-20 - Distribution of Written Information
Section 5-6B-21 - Location of Meetings
Section 5-6B-22 - No-Impact Home-Based Businesses
Section 5-6B-23 - Election Related Candidate Signs or Signs Advertising Questions or Propositions
Section 5-6B-24 - Electronic Transmission of Notice
Section 5-6B-25 - Electronic Transmission of Votes or Proxies
Section 5-6B-26 - Examination and Copying of Books and Records of Cooperative Housing Corporations
Section 5-6B-26.1 - Reserve Study of Cooperative Housing Corporation -- Criteria
Section 5-6B-27 - Fidelity Insurance
Section 5-6B-28 - Books and Records
Section 5-6B-29 - Late Charges
Section 5-6B-30 - Dispute Settlements
Section 5-6B-31 - Eviction of Member