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§ 5-526. Operation as agent on nonprofit basis

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, § 5-526
§ 5-526. Operation as agent on nonprofit basis
Currentness
Agent; resale price
(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.
Nonprofit basis of operation
(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.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 694.
Formerly Art. 23, § 372.
MD Code, Corporations and Associations, § 5-526, MD CORP & ASSNS § 5-526
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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