(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.