(1) An association formed under this subchapter may elect to be governed by the provisions of the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., by amending and restating its articles of incorporation to provide that it shall be so governed.
(2) The election shall be approved upon receiving the affirmative vote of at least two-thirds (2/3) of the votes cast at any regular meeting, or at any special meeting called for that purpose, in which members holding not less than fifty percent (50%) of the voting power of the association are represented in person or by proxy, but the election once made shall be irrevocable.
(3) The amended and restated articles of incorporation shall comply with and shall be filed under the provisions of the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., and thereafter the association shall be governed by the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq.