§ 5-5A-02. Definitions
West's Annotated Code of MarylandCorporations and AssociationsEffective: January 1, 2008
Effective: January 1, 2008
MD Code, Corporations and Associations, § 5-5A-02
§ 5-5A-02. Definitions
(b)(1) “Consumer cooperative” or “cooperative” means a corporation converted or organized under this subtitle, which operates or intends to operate on a cooperative basis for the mutual benefit of its members, subscribers, and patrons and conforms to this subtitle.
(c) “Cooperative basis” as applied to any entity or corporation referred to in this subtitle means:
(d) “Delegate” means a representative of the members elected either from the membership at large or from specific geographic districts or groups of members as defined in the bylaws.
(e) “Federated cooperative” means a cooperative which is primarily owned and controlled by, and provides goods or services to entities operating on a cooperative basis.
(f) “Foreign cooperative” means an entity operating on a cooperative basis which is organized or incorporated under the laws of a state other than Maryland.
(g) “Member” means a person or household who has been qualified and accepted for membership in a cooperative according to its bylaws.
(h) “Membership capital” means a member's capital contribution to the cooperative to secure the benefits of membership in the cooperative.
(i) “Net savings” means a cooperative's total income minus the cost of operation, including reserves.
(k) “Savings return” means any payment or allocation made by the cooperative out of net savings which is computed on the basis of the patron's business with the cooperative and refunded in accordance with § 5-5A-22 of this subtitle.
Credits
Added by Acts 1985, c. 739. Amended by Acts 1986, c. 378.
MD Code, Corporations and Associations, § 5-5A-02, MD CORP & ASSNS § 5-5A-02
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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