Dissolution of Foundation Sample Clauses

Dissolution of Foundation. Consistent with provisions appearing in the Foundation’s Bylaws and Articles of Incorporation, should the Foundation cease to exist or cease to be an Internal Revenue Code §501(c)(3) organization, the Foundation shall transfer to the State Board (or University, as applicable) the balance of all property and assets of the Foundation from any source, after the payment of all debts and obligations of the Foundation, and such property shall be vested in the State Board in trust for the use and benefit of the University.
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Dissolution of Foundation. In the event of the dissolution or liquidation of the Foundation, the Foundation Assets shall be distributed in accordance with the Articles of Incorporation and bylaws of the Foundation and any applicable provisions of the Code, as amended, and any regulations promulgated thereunder.
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Dissolution of Foundation. 10.1 In the event of dissolution of the Foundation, either by way of revocation or suspension of certificate of incorporation by minister under Section 17 of Act 258 or by way of voluntary dissolution under section 18 of Act 258, the trust constituted herein, all surplus funds and assets after the dissatisfaction of all debts and liabilities of the Foundation, shall be donated to government entity, other trusts or funds or associations approved by the DGIR.
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Dissolution of Foundation. In the event of the dissolution of the Foundation or upon cessation of operations of the Foundation under this agreement, all assets and liabilities of the Foundation resulting or arising from this agreement shall either be transferred to the Siskiyou Joint Community College District, or a non-profit tax-exempt organization designed by the District, or expended for the benefit of College of the Siskiyous, the students of College of the Siskiyous, or the District. It is understood that in the event the Foundation ceases to be an auxiliary organization it shall retain the assets it brings to this agreement so long as it operates for the benefit of the District.
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Dissolution of Foundation. In the event of the anticipated liquidation, bankruptcy, or dissolution of the Foundation, but prior to actual dissolution, the Funds then in possession and under the control of the Foundation shall be returned to the College or shall be transferred to such entity as the Board of Trustees of the College shall direct.
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Dissolution of Foundation. If Foundation ceases to be a qualified charitable organization, as described in section 501 (c) (3) of the United States Internal Revenue Code, or if the Foundation proposes to dissolve, the property of the Foundation shall be transferred as allowed by law, and to the extent possible, to the City.
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Related to Dissolution of Foundation

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Dissolution of Entity The Contractor shall notify the County immediately of any intention to discontinue existence of the entity or to bring an action of dissolution.

  • Dissolution and Liquidation (Check One)

  • Dissolution The Company shall be dissolved and its affairs shall be wound up on the first to occur of the following:

  • Dissolution and Winding Up of the Company Dissolution. The Company will be dissolved on the happening of any of the following events: Sale, transfer, or other disposition of all or substantially all of the property of the Company; The agreement of all of the Members; By operation of law; or The death, incompetence, expulsion, or bankruptcy of a Member, or the occurrence of any event that terminates the continued membership of a Member in the Company, unless there are then remaining at least the minimum number of Members required by law and all of the remaining Members, within 120 days after the date of the event, elect to continue the business of the Company.

  • Dissolution and Termination (a) The Company shall not be dissolved by the admission of Substitute Members or Additional Members. The Company shall dissolve, and its affairs shall be wound up, upon:

  • NO DISSOLUTION, NO NULLIFICATION To the extent permitted by law, the parties hereby waive their rights pursuant to Articles 6:265 to 6:272 inclusive of the Dutch Civil Code to dissolve (ontbinden), or demand in legal proceedings the dissolution (ontbinding) of, this Agreement. Furthermore, to the extent permitted by law, the parties hereby waive their rights under Article 6:228 of the Dutch Civil Code to nullify (vernietigen), or demand in legal proceedings the nullification (vernietiging) of, this Agreement on the ground of error (dwaling).

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • DISTRIBUTIONS AFTER DISSOLUTION Upon dissolution, the Company must pay its debts before distributing cash, assets, or capital to the Members or the Members’ interests. The Members agree that any distributions occurring after the dissolution of the Company will follow the process outlined in this Agreement and Section 00-00-000 of the Act.

  • Effect of Dissolution Except as otherwise provided in this Agreement, upon the dissolution of the Company, the Sole Member shall take such actions as may be required pursuant to the Act and shall proceed to wind up, liquidate and terminate the business and affairs of the Company. In connection with such winding up, the Sole Member shall have the authority to liquidate and reduce to cash (to the extent necessary or appropriate) the assets of the Company as promptly as is consistent with obtaining fair value therefor, to apply and distribute the proceeds of such liquidation and any remaining assets in accordance with the provisions of Section 8.3, and to do any and all acts and things authorized by, and in accordance with, the Act and other applicable laws for the purpose of winding up and liquidation.

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