(a) (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. (b) (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. (c) (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.
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