Md. Code, Corporations and Associations § 5-516
This is the official text of Md. Code, Corporations and Associations § 5-516, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§5–516.
Official statutory text
(a) A cooperative may provide a fair remuneration for the time its officers and directors spend in its service.
(b) During his term of office, a director may not be a party to a contract for profit with the cooperative if the contract differs in any way from the business relations with the cooperative accorded its other members.
(b) During his term of office, a director may not be a party to a contract for profit with the cooperative if the contract differs in any way from the business relations with the cooperative accorded its other members.
Status: in_force · Read it on the official government site
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