ELECTION.

(a) An incumbent local exchange company may elect to make an infrastructure commitment and to be subject to corresponding regulation under this chapter if the company: (1) serves less than five percent of the access lines in this state; and (2) has not elected incentive regulation under Chapter 58. (b) A company makes the election by notifying the commission in writing of the company's election. (c) A company electing under this chapter may renew the election for successive two-year periods. An election that is renewed under this subsection remains in effect until the earlier of the date that: (1) the election expires because it was not renewed; (2) the commission allows the company to withdraw its election under Section 59.022; or (3) the legislature eliminates the incentive regulation authorized by this chapter and Chapter 58.