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07/27/93
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07/27/93
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Meetings
Meeting Document Type
Agenda
Document Title
Finance Committee
Document Date
07/27/1993
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SECTION V <br /> <br /> Dissolution of Organization <br /> <br /> S.1 The Organization shall be dissolved under any of the <br />following conditioms' <br /> <br /> a) Upon termination of this Agreement: <br /> b) Upon unanimous agreement of all parties; or <br /> c) Upon the membership of the Organization being reduced to <br /> <br /> less than three parties. <br /> <br /> Upon dissolution, all personal property of the Organization <br />shall be sold and the proceeds thereof, together with monies on <br />hand after payment of all obligations, shall be distributed to <br />the parties. Such distribution of Organization assets shall be <br />made in proportion to th~ total contributions to the Organization <br />for such costs made by each party. All payments due and owing <br />for operating costs under Section 5.7, Subd. 2, or other unfilled <br />financial obligations, shall continue to be the lawful obligation <br />of the parties. <br /> <br /> SECTION VI <br /> <br /> Amendment <br /> <br /> 6.1 The Organization may recommend changes in and <br />amendments to this Agreement to the governing bodies of the <br />parties. Amendments 'shall be adopted by a two-thirds vote of the <br />governing bodies of the parties within ninety (90) days of <br />referral, except that amendments changing the formula for <br />financing or changing the manner of approving capital <br />improvements must be ratified by all of the parties to this <br />Agreement. Amendments shall be evidenced by appropriate <br /> <br /> <br />
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