Every economic development plan as provided for herein shall be subject to periodic review by the governing authority that first approved the plan, at a regular meeting of the governing authority or at a special meeting called for that purpose. If any corporation refuses to submit its plan for review, all power and authority vested in the corporation may, at the option of the local governmental subdivision, terminate and the corporation shall cease as a matter of law to act as an economic development corporation. In the event that any corporation shall have lost its authority to act as an economic development corporation, all property and assets of the corporation shall as a matter of law revert to the respective jurisdiction in which the corporation was authorized to act.
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