(a) The dive fishery management assessment levied on a species of fishery resources under AS 43.76.150(b), (c), (d), (e), (f), (g), or (h) shall be terminated by the commissioner of revenue upon majority vote at an election held under AS 43.76.160 in the administrative area in which the dive fishery management assessment is levied.

(b) The commissioner of revenue shall terminate a dive fishery management assessment under (a) of this section following an election in an administrative area if

(1) a petition that is signed by at least 75 percent of the board members of the qualified regional dive fishery development association established for the administrative area under AS 16.40.240 is presented to the commissioner of fish and game requesting termination of the dive fishery management assessment on a species of fishery resources;

(2) an election is held in accordance with AS 43.76.160; the ballot must ask the question whether the dive fishery management assessment on a species of fishery resources taken in the administrative area shall be terminated; the ballot must be worded so that a “yes” vote is for continuation of the dive fishery management assessment and a “no” vote is for termination of the dive fishery management assessment;

(3) a majority of the eligible interim-use permit and entry permit holders who vote in the election cast a ballot for the termination of the dive fishery management assessment; in this paragraph, “eligible interim-use permit and entry permit holders” has the meaning given in AS 43.76.160; and

(4) the qualified regional dive fishery development association provides notice of the election in accordance with AS 43.76.160 within two months after receiving notice from the commissioner of fish and game that the petition submitted by the qualified regional dive fishery development association under (1) of this subsection has been received and is valid.