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

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