Section 6-662-A - Vote to proceed(a) General rule.--Within 14 days following a declaration of financial recovery status under section 621-A, the board of school directors of a school district to which this subdivision applies shall, at a regular or special meeting of the board of school directors, adopt by majority vote a resolution electing to proceed with one of the following: (1) cooperation with the chief recovery officer appointed under Subdivision (ii) and development, approval and implementation of a financial recovery plan under sections 663-A and 664-A; or(2) the appointment of a receiver under Subdivision (vi). (b) Effect of failure to vote.--Any failure by the board of school directors to hold a vote under this section within 14 days shall be deemed a vote to proceed with the appointment of a receiver. (c) Receivership.--Where the board of school directors votes to proceed with the appointment of a receiver under subsection(a)(2) or fails to hold a vote under subsection (a), the secretary shall file a petition for the appointment of a receiver under section 671-A(a) by the earlier of the following: (1) five days following the vote of the board of school directors to proceed with the appointment of a receiver; or (2) nineteen days following the declaration of financial recovery status. Added by P.L. 1142 2012 No. 141, § 10, eff. 7/12/2012.