Current with changes from the 2024 Legislative Session
Section 5-526 - Operating on nonprofit basis(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.(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.