§ 5-526
148 words·~1 min read·
/md/corporations-and-associations/5-526·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–526.
(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.
(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.