§ 5-5A-23. Audit and annual report
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-5A-23
§ 5-5A-23. Audit and annual report
(a)(1) Each cooperative shall have an audit committee as specified in its bylaws.
(b) Every cooperative shall prepare within 120 days of the close of its operations for each fiscal year, as specified in its articles of incorporation or bylaws, a report of its conditions which shall be available for inspection by the members of the cooperative. The report shall state, at a minimum:
(2) The amount and nature of the cooperative's authorized, subscribed, and paid-in capital, the par value of its stock, and the rate at which any return upon capital has been paid. For nonstock cooperatives, the annual report shall state the total number of members and the amount of membership equity received or allocated;
Credits
Added by Acts 1985, c. 739.
MD Code, Corporations and Associations, § 5-5A-23, MD CORP & ASSNS § 5-5A-23
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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