1. (a)

   1. (1) A member-regulated cooperative shall hold an election to revert to a cooperative on:

      1. (i) A majority vote of the board of directors; or
      2. (ii) Receipt by the board of directors of a petition signed by at least 1,000 members.
   2. (2) A member-regulated cooperative may hold an election to revert to a cooperative only once every 12 months.

2. (b)

   1. (1) A vote to revert to a cooperative shall be held in accordance with § 5-635 of this subtitle.
   2. (2) Within 5 days after an affirmative vote to revert to a cooperative, the member-regulated cooperative shall file a declaration with the Commission stating that it has reverted to a cooperative.

3. (c)

   1. (1) The Commission shall have jurisdiction over a member-regulated cooperative that has elected to revert to a cooperative on issuance of an order by the Commission.
   2. (2) The Commission shall issue the order under paragraph (1) of this subsection within 180 days after the filing of a declaration under subsection (b)(2) of this section.

Added by Acts 2020, c. 606, § 2, eff. May 8, 2020.