A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103, may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved:
(1) By a majority of the members of the board of directors of the corporation; and
(2) If the corporation has members, by the lesser of: Two-thirds (2/3) of the votes cast by the members in person or by proxy at a regular or special meeting of the members at which a quorum as defined in § 4-33-722 is present; or
(3) A majority of the members.