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§ 5-643. Reversion to cooperative

West's Annotated Code of MarylandCorporations and AssociationsEffective: May 8, 2020

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6. Electric Cooperatives
Part VI. Member-Regulated Cooperatives (Refs & Annos)
Effective: May 8, 2020
MD Code, Corporations and Associations, § 5-643
§ 5-643. Reversion to cooperative
Currentness
When to hold election
(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.
Vote to revert
(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.
Commission
(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.

Credits

Added by Acts 2020, c. 606, § 2, eff. May 8, 2020.
MD Code, Corporations and Associations, § 5-643, MD CORP & ASSNS § 5-643
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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