I just found a potential source. Sefer Shoftim Perek 4, Halakhah 11.
R. Touger's translation:
It appears to me that if all the all the wise men in Eretz Yisrael agree to appoint judges and convey semichah upon them, the semichah is binding and these judges may adjudicate cases involving financial penalties and convey semichah upon others. ... The question whether semichah can be renewed requires resolution.
Check out Radbaz who says the people who tried reinstituting smicha in Tzfat (from which the Shulchan Aruch received smicha) based this halakhah for their actions.
I know that attempt was soon dismantled (and it sounds like even Rambam was unsure of it since it "requires resolution"), but the hidush was utilized as halakhah. Then again, I don't think the Shulchan Aruch cites it, and contemporary attempts withstanding, it's not a current practice.
Has anybody found something more authoritative?