Maryland § 5-650.1
Full text of Maryland Maryland Code § 5-650.1, with citation guidance and answers to common questions.
§ 5-650.1.
(a) In this section, “nonescheat capital credits” means money:
(1) Due to any past member of a cooperative in retirement of capital allocated on a patronage basis to the account of the past member for amounts received and receivable by the cooperative in excess of operating costs and expenses from the date of the cooperative’s incorporation in the State;
(2) For which at least 5 years have passed since the credits were retired; and
(3) That has not been claimed by the past member.
(b) A cooperative may use nonescheat capital credits only to:
(1) Assist members of the cooperative in accordance with the powers granted to the cooperative under § 5–607 of this subtitle; or
(2) Make donations to nonprofit, charitable organizations approved by the cooperative’s board of directors.
(c) Nothing in this section may be construed to relieve a cooperative of the obligation to refund nonescheat capital credits on application of a past member.
Frequently Asked Questions About Maryland § 5-650.1
What does Maryland Code § 5-650.1 cover?
Section 5-650.1 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 § 5-650.1?
A common citation format is "Maryland Code § 5-650.1" (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 § 5-650.1 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.