Cooperative stock, membership interest, or other evidence of membership capital is not a security under the Maryland Securities Act or any law related to that Act.
Md. Code Ann., Corps. & Ass'ns § 5-5A-28
Known as the Maryland Consumer Cooperative Act
The act spans §§ 5–5 (30 sections).
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.