Elections?

I was wondering if I could suggest us having an annual moderator election? Anybody who has been on the forum over a year can be nominated, and we have stages of voting until it is down to 5 or 6 members. The mods would have full power to deny anyone from the election though, as in if they do not trust a certain member who has been voted for, they can be taken off the ballet. It would go to a poll, and then the member with the most votes would become the next moderator. Obviously there might not be a need for more moderators, and no body would be forced into becoming a moderator if they do not want the responsibility. Please do not think I'm trying to BS my way into becoming a mod, because I wouldn't qualify. I just had this idea and wanted to suggest it.
Nick
Nick