Section 5-516 - Compensation and contracts of officers and directors. - Maryland Statutes

§ 5-516. Compensation and contracts of officers and directors.
 

(a)  Compensation.- A cooperative may provide a fair remuneration for the time its officers and directors spend in its service. 

(b)  Contracting with cooperative.- 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. 
 

[An. Code 1957, art. 23, § 360; 1975, ch. 311, § 2.]