Maryland § 5-501
Full text of Maryland Maryland Code § 5-501, with citation guidance and answers to common questions.
§ 5-501.
(a) In this subtitle the following words have the meanings indicated.
(b) “Agricultural cooperative” means a corporation organized or converted under this subtitle, which operates for the mutual benefit of its members and conforms to the following requirements:
(1) A member of the cooperative is not allowed more than one vote, regardless of the amount of stock or membership capital he may own;
(2) The cooperative does not pay dividends on stock or membership capital in excess of 12 percent per annum;
(3) The cooperative does not deal in products of nonmembers in an amount greater in value than that in which it deals for members; and
(4) After payment of every necessary expense and authorized deduction, the proceeds from the business of the cooperative are distributed to the members in proportion to the volume of business transacted by them with the cooperative.
(c) “Member” means a person who:
(1) Owns stock in a cooperative having capital stock; or
(2) Holds a certificate of membership in a cooperative not having capital stock.
Frequently Asked Questions About Maryland § 5-501
What does Maryland Code § 5-501 cover?
Section 5-501 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 5-501?
A common citation format is "Maryland Code § 5-501" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.