(a) A charter holder shall take and refrain from all acts necessary to maintain its status as an "eligible entity" within the meaning of Texas Education Code, §12.101(a), and shall notify the commissioner of education immediately in writing of any change in such status.(b) If a charter holder's exemption from taxation under 26 United States Code, §501(c)(3), is ever revoked by action of the Internal Revenue Service, for any reason, the charter shall be null and void and shall return to the commissioner without any further action on the part of the commissioner.(c) Failure to act in accordance with subsections (a) and (b) of this section shall not only affect eligibility for state funding as outlined in §100.1061(d)(1) of this title (relating to State Funding), it will also constitute a material violation of the charter contract.