(a) After extinguishing all payable obligations owed by an open-enrollment charter school that ceases to operate, including a debt described by Section 12.128(e), a former charter holder shall:
(1) remit to the agency:
- (A) any remaining funds described by Section 12.106(h); and
- (B) any state reimbursement amounts from the sale of property described by Section 12.128; or
- (2) transfer the remaining funds to another charter holder under Section 12.106(i).
- (b) The agency shall deposit any funds received under Subsection (a)(1) in the charter school liquidation fund.
- (c) The commissioner may adopt rules necessary to administer this section.
Added by Acts 2019, 86th Leg., R.S., Ch. 631 (S.B. 1454), Sec. 8, eff. June 10, 2019.