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Maryland Code, Corporations and Associations § 5-526

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 5-526 - last updated January 01, 2025 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-5-526/

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