(1) The Public Utility Commission shall dismiss an employee:
(a) Who fails to file the statement required by ORS 756.028 before the 11th day after the date of employment.
(b) Who fails to file the supplementary statement required by ORS 756.028 before the 11th day after the acquisition of a pecuniary interest.
(c) Who fails to cause divestiture of a pecuniary interest within the time specified in an order issued pursuant to ORS 756.028.
(2) Dismissal of an employee under subsection (1) of this section is subject to the procedure and appeal provided in ORS 240.555, 240.560 and 240.570. An employee so dismissed is eligible for reemployment.