858 ARTICLE 23.

1922, ch. 197, sec. 476.

426. Any association incorporated under this sub-title may become a
member or stockholder of any other association or associations organized
hereunder.

1922, ch. 197, sec. 477.

427. Any association incorporated under this sub-title, may upon resolu-
tion adopted by its board of directors, enter into all necessary and proper
contracts and agreements with any other corporation, association or associa-
tions formed in this or in any other state on a cooperative basis for the
carrying on of its business, or any part thereof. Any two or more such
associations may, by agreement between them, unite in employing and
using or may separately employ and use the same methods, means and
agencies, for carrying on and conducting their respective business.

1922, ch. 197, sec. 478.

428. Each association incorporated under this sub-title must, within
thirty (30) days after its incorporation, adopt, for its government and
management a code of by-laws not inconsistent with the powers granted by
this sub-title. A majority vote of the members or stockholders, or their
written assent, is necessary to adopt, alter or amend such by-laws.

1922, ch. 197, sec. 479.

429. The affairs of the association shall be managed by a board of not
less than five directors at least two of whom shall be residents of the State
of Maryland and who shall be elected by the members or stockholders
from their own number at such time and for such term of office as the
by-laws may prescribe. The by-laws may provide that the territory in
which the association has members shall be divided into districts and that
the directors shall be elected according to such districts. In such case by-
laws shall specify the number of directors to be elected by each district,
the manner and method of reapportioning the directors and of redistrict-
ing the territory covered by the association. The by-laws shall provide that
primary elections shall be held in each district to nominate a number of
directors greater than the number to be elected in such district and the
result of all such primary elections must be ratified by majority vote of
the members present at the next regular meeting of the association. An
association may provide a fair remuneration for the time actually spent
by its officers and directory in its service. No director, during the term
of his office, shall be a party to a contract for profit with the association
differing in any way from the business relations accorded regular mem-
bers or holders of common stock of the association. When a vacancy on
the board of directors occurs, other than by expiration of term, the remain-
ing members of the board, by a majority vote, shall fill the vacancy, unless
the by-laws provide for an election of directors by districts. In such case
the board of directors shall immediately call a special meeting of the mem-
bers or stockholders in that district to fill the vacancy.