A plan shall be effective on the date specified in the plan or on a date mutually agreed upon by the employer and the Commissioner. It shall expire at the end of the sixth full calendar month after its effective date or on the date specified in the plan if such date is earlier; provided, that the plan is not previously revoked by the Commissioner; or on the effective date of any transfer of ownership of the legal business entity. If a plan is revoked or terminated by the Commissioner, it shall terminate on the date specified in the Commissioner's written order of revocation. No employer shall be eligible for a short-time compensation plan that results in an employee receiving benefits in excess of 26 times the amount of regular unemployment benefits payable to such individual for a week of total unemployment. (Added 1985, No. 140 (Adj. Sess.), § 1; amended 2011, No. 162 (Adj. Sess.), § E.401.6.)