(a) After extinguishing all payable obligations owed by an open-enrollment charter school that ceases to operate, including a debt described by Section 12.128(e), a former charter holder shall:
(1) remit to the agency:
(A) any remaining funds described by Section 12.106(h); and
(B) any state reimbursement amounts from the sale of property described by Section 12.128; or
(2) transfer the remaining funds to another charter holder under Section 12.106(i).
(b) The agency shall deposit any funds received under Subsection (a)(1) in the charter school liquidation fund.
(c) The commissioner may adopt rules necessary to administer this section.