(1) A board of directors of a regional economic development partnership may terminate the regional economic development partnership upon a majority vote of the board of directors.
(2) Notice of the intent to terminate a regional economic development partnership shall be sent to the Arkansas Economic Development Commission at least thirty (30) days before a board of directors votes on the termination of a regional economic development partnership.
(3) Upon the termination of a regional economic development partnership, the board of directors of the regional economic development partnership shall remit any unspent state funds to the commission within sixty (60) days of the notice to terminate the regional economic development partnership.