(a) The coordinating board shall create and name an information network association within an information network region if:
(1) a majority of the institutions of higher education within a region apply to create an association; and
(2) the institutions applying show good cause for creating an association.
(b) The coordinating board may not create more than one information network association in an information network region.
(c) Each information network association created is an agency of the state.
(d) An information network association created under this section is subject to the Texas Sunset Act (Chapter 325, Government Code). Unless continued in existence as provided by that Act, the association is abolished September 1, 1989.