§ 5-643
166 words·~1 min read·
/md/corporations-and-associations/5-643·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–643.
(1)A member–regulated cooperative shall hold an election to revert to a cooperative on:
(i)A majority vote of the board of directors; or
(ii)Receipt by the board of directors of a petition signed by at least 1,000 members.
(2)A member–regulated cooperative may hold an election to revert to a cooperative only once every 12 months.
(1)A vote to revert to a cooperative shall be held in accordance with § 5–635 of this subtitle.
(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.
(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)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.