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Current as of December 31, 2021 | Updated by FindLaw Staff
(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/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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