Section 662-A. Vote to proceed.
(a) General rule.--Within 14 days following a declaration of financial recovery status under section 621-A, the board of school directors of a school district to which this subdivision applies shall, at a regular or special meeting of the board of school directors, adopt by majority vote a resolution electing to proceed with one of the following:
(1) cooperation with the chief recovery officer appointed under Subdivision (ii) and development, approval and implementation of a financial recovery plan under sections 663-A and 664-A; or
(2) the appointment of a receiver under Subdivision (vi).
(b) Effect of failure to vote.--Any failure by the board of school directors to hold a vote under this section within 14 days shall be deemed a vote to proceed with the appointment of a receiver.
(c) Receivership.--Where the board of school directors votes to proceed with the appointment of a receiver under subsection (a)(2) or fails to hold a vote under subsection (a), the secretary shall file a petition for the appointment of a receiver under section 671-A(a) by the earlier of the following:
(1) five days following the vote of the board of school directors to proceed with the appointment of a receiver; or
(2) nineteen days following the declaration of financial recovery status.
(662-A added July 12, 2012, P.L.1142, No.141)