Md. Code, Corporations and Associations § 5-526
This is the official text of Md. Code, Corporations and Associations § 5-526, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§5–526.
Official statutory text
(a) (1) A cooperative may operate as an agent to sell the products of its members or nonmember patrons on a nonprofit basis by contracting to pay the members or nonmember patrons the resale price for products sold by them to or through the cooperative, less a uniform charge to cover the expenses involved in the handling of these products.
(2) The resale price shall be:
(i) The actual resale price; or
(ii) A price based on the average price during any period for products of the same type and quality.
(3) The uniform charge for expenses shall be:
(i) Specified in the contract;
(ii) Made otherwise ascertainable; or
(iii) Left for determination by the directors.
(b) A cooperative desiring to purchase goods or obtain or perform services under this subtitle may operate on a nonprofit basis in a manner similar to that described in this section.
(2) The resale price shall be:
(i) The actual resale price; or
(ii) A price based on the average price during any period for products of the same type and quality.
(3) The uniform charge for expenses shall be:
(i) Specified in the contract;
(ii) Made otherwise ascertainable; or
(iii) Left for determination by the directors.
(b) A cooperative desiring to purchase goods or obtain or perform services under this subtitle may operate on a nonprofit basis in a manner similar to that described in this section.
Status: in_force · Read it on the official government site
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