§ 5-529. Annual financial statements
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-529
§ 5-529. Annual financial statements
(a) If raw agricultural products are delivered by members to a cooperative association under marketing contracts which entitle the members to net proceeds from the sale of the products in their raw or processed state and subject the members to assessments in the event of an operating loss, the financial statements for associations engaged in handling raw agricultural products shall be audited by the association's independent certified public accountant. The audit shall be made in accordance with generally accepted auditing standards. Copies of the financial statements together with the independent certified public accountant's report on the examination of the association's financial statements shall be furnished to each member or stockholder of the association and the Maryland Secretary of Agriculture on an annual basis. An independent certified public accountant and legal counsel shall be appointed by the association's board of directors. The certified public accountant shall explain the report orally to the board of directors and shall also certify to the Secretary of Agriculture that the audit has been made in accordance with generally accepted auditing standards.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 266; Acts 1977, c. 736; Acts 1985, c. 10, § 3; Acts 1994, c. 277, § 1, eff. Oct. 1, 1994.
Formerly Art. 23, § 373.
MD Code, Corporations and Associations, § 5-529, MD CORP & ASSNS § 5-529
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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