; and (B) in accordance with procedures developed by the Legislative Assembly; and (2) by the Federal Government, in accordance with applicable Federal law and the Constitution. (b) Rejection If the special election under subsection (a)(1) results in a rejection of the proposed compact agreement, the process provided in section 501 and subsection (a) shall be repeated. VI Miscellaneous 601. Application of Puerto Rico Oversight, Management, and Economic Stability Act (a) In general On the applicable date described in subsection (b)— (1) the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2101 et seq. ) shall no longer apply to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable; and (2) (A) the Financial Oversight and Management Board established by section 101(b)(1) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2121(b)(1) ) shall be terminated; (B) all duties and responsibilities assigned to the Financial Oversight and Management Board under that Act as of that date shall return to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable; and (C) all funds, property, and assets of the Financial Oversight and Management Board as of that date shall be transferred to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable. (b) Applicable date described The applicable date described in this subsection is— (1) the date on which the government of the nation of Puerto Rico takes office, as established under section 208(c) or 307(c); (2) the date on which the Commonwealth of Puerto Rico is admitted as a State of the Union of the United States, as declared under a Presidential proclamation issued under section 402(b)(1)