I.A rural electric cooperative which has had a certificate of regulation on file with the public utilities commission for a period of not less than 5 consecutive years, or which has not at any previous time had a certificate of deregulation on file with the public utilities commission, may elect to become exempt from regulation by the commission and be removed from the definition of "public utility" as provided in RSA 362:2. Any election shall be approved by an affirmative vote of at least 60 percent of those members voting by mail ballot, initiated by petition of not less than 100 members of the cooperative and returnable to a regular meeting of the membership. The first election shall be made no sooner than 120 days after the effective date of this paragraph. Subsequent elections may be
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I. A rural electric cooperative which has had a certificate of regulation on file with the public utilities commission for a period of not less than 5 consecutive years, or which has not at any previous time had a certificate of deregulation on file with the public utilities commission, may elect to become exempt from regulation by the commission and be removed from the definition of "public utility" as provided in RSA 362:2. Any election shall be approved by an affirmative vote of at least 60 percent of those members voting by mail ballot, initiated by petition of not less than 100 members of the cooperative and returnable to a regular meeting of the membership. The first election shall be made no sooner than 120 days after the effective date of this paragraph. Subsequent elections may be held not less than one year after the most recent previous election conducted under this paragraph. The election shall be conducted pursuant to the requirements of the cooperative's bylaws. Within 10 days following the regular meeting of the membership to which the results of the election are returned, the cooperative shall, if the vote is in the affirmative, file a certificate of deregulation with the public utilities commission, and, if the vote is in the negative, file a certificate of regulation with the public utilities commission.
II. A rural electric cooperative which has had a certificate of deregulation on file with the public utilities commission for a period of not less than 5 consecutive years may elect to become subject to regulation by the public utilities commission, and become a "public utility" as provided in RSA 362:2. The election shall be approved by an affirmative vote of at least 60 percent of those members voting by mail ballot initiated by petition of not less than 100 members of the cooperative and returnable to a regular meeting of the membership. The election shall be conducted pursuant to the requirements of the cooperative's bylaws and may be held no sooner than one year after the most recent previous election conducted under this paragraph. Within 10 days following the regular meeting of the membership to which the results of the election are returned, the cooperative shall, if the vote is in the affirmative, file a certificate of regulation with the public utilities commission, and, if the vote is in the negative, file a certificate of deregulation with the public utilities commission.
III. Every rural electric cooperative shall maintain on file with the public utilities commission either a certificate of regulation or a certificate of deregulation. Certificates of regulation and deregulation shall be certified by a duly authorized representative of the rural electric cooperative and shall contain the full text of the ballot question voted upon as provided in paragraph I or II, a certification of the vote results, and a certification that the ballot was initiated by a petition meeting the requirements set forth in paragraphs I-II. Certificates of regulation and deregulation shall remain on file with the public utilities commission unless and until replaced by a certificate of regulation or deregulation resulting from a subsequent election.