(1) Subject to the conditions set forth in this section, the commission may be dissolved upon a majority vote by the commission. No such vote may take place at anytime prior to three (3) years from the date of enactment of this chapter. No such vote may be taken unless first approved by a majority vote of those entities responsible for nominating commission members.
(2) Should such dissolution as described in this section occur, any unencumbered funds held by the commission shall be distributed by the commission or as prescribed by state law.