Upon presentation of evidence to the Narragansett Indian land management corporation and the Rhode Island secretary of state that the Indian corporation known as the Narragansett Tribe of Indians has applied for and been granted by the United States government pursuant to 25 U.S.C. § 1707 and Title 25 of the Code of Federal Regulations, Part 83, federal recognition as an Indian tribe with inherent rights, powers, and responsibilities possessed by Indian tribes in the United States, the Narragansett Indian land management corporation shall expire thirty (30) days after the presentation of the evidence. Prior to its expiration, the corporation shall prepare and submit to the general assembly a final report of its termination activities.