There is a newer version of the Maryland Code
2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 5-516 - Compensation and contracts of officers and directors
MD Corp & Assn Code § 5-516 (2013) What's This?
§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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