CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
COOPERATIVE MARKETING AND RURAL ELECTRIFICATION ASSOCIATIONS
301:32 Damages, Etc.
The bylaws or the marketing contract may fix, as liquidated damages, a specific sum to be paid by a member or stockholder to the association upon the breach by him of any provision of the marketing contract regarding the sale or delivery or withholding of products; and may further provide that the member shall pay all costs, premiums for bonds, expenses and fees, in case any action is brought upon the contract by the association; and any such provisions shall be valid and enforceable in the courts of this state; and such clauses providing for liquidated damages shall be enforceable as such and shall not be regarded as penalties.
Source. 1925, 33:15. PL 224:32. RL 273:32.