Maryland Code, Corporations and Associations § 5-643
Current as of December 31, 2021 | Updated by FindLaw Staff
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(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.
Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 5-643 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-5-643/
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