The commissioner may appoint a board of managers to exercise the powers and duties of a school district's board of trustees if the district is subject to commissioner action under:
(1) Section 39A.001(1) and:
(A) has a current accreditation status of accredited-warned or accredited-probation;
(B) fails to satisfy any standard under Section 39.054(e); or
(C) fails to satisfy financial accountability standards as determined by commissioner rule; or
(2) Section 39A.001(2).