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§ 5-516. Compensation of directors and officers

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 5. Agricultural Cooperatives
MD Code, Corporations and Associations, § 5-516
§ 5-516. Compensation of directors and officers
Currentness
Renumeration
(a) A cooperative may provide a fair remuneration for the time its officers and directors spend in its service.
Director as party to contract
(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.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 360.
MD Code, Corporations and Associations, § 5-516, MD CORP & ASSNS § 5-516
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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