There is a newer version of the Maryland Code
Maryland Corporations and Associations Section 5-516
§ 5-516.
  (a)   A cooperative may provide a fair remuneration for the time its officers and directors spend in its service.
  (b)   During his term of office, a director may not be a party to a contract for profit with the cooperative if the contract differs in any way from the business relations with the cooperative accorded its other members.
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