(a) Board resumes control and oversight.--Subject to the provisions of subsections (b) and (c), after the secretary terminates a school district's financial recovery status under section 624-A,¹ the following shall apply:

(b) Petition for appointment of receiver.--If, during the transition period after the secretary terminates a school district's financial recovery status under section 624-A, the board of school directors fails to maintain the objectives stated in the financial recovery plan, the secretary shall petition the court of common pleas in the county in which the school district or the largest part in area of the school district is located for the appointment of a receiver under Subdivision (vi).²

(c) Oversight where municipalities financially distressed.--Notwithstanding the provisions of subsection (a), the chief recovery officer and the department shall oversee the board of school directors of any former financial recovery school district for so long as any political subdivision located within the school district is a financially distressed municipality under the act of July 10, 1987 (P.L. 246, No. 47),³ known as the Municipalities Financial Recovery Act, without regard to whether the school district continues to maintain the objectives stated in its financial recovery plan. The oversight shall be subject to the provisions of subsection (b).