(a) On the Governor's request the Coordinating Board, with the advice and assistance of the State Auditor, shall determine if a condition of gross fiscal mismanagement exists at a public community college.(1) When a condition of gross fiscal mismanagement is suspected, the Board shall appoint a delegation to investigate the fiscal condition of the public community college in question. The delegation shall include members of the Committee on Institutional Effectiveness and Excellence and Board staff. The Board shall request assistance from the State Auditor's Office to include one of its staff members as a member of the delegation.(2) Based upon its review of the public community college in the matter of gross fiscal mismanagement, the delegation as set out in paragraph (1) of this subsection shall make a report to the Commissioner to include, if appropriate, a recommendation concerning conservatorship.(3) The Commissioner shall make a report and recommendation concerning conservatorship to the Board for its consideration at the next quarterly Board meeting.(b) If the Board finds a condition of gross fiscal mismanagement of a public community college, the Governor, by proclamation, may appoint a conservator as defined in the Texas Government Code, §2401.001 to act as conservator of the college.