Dissolution of the Authority Sample Clauses

Dissolution of the Authority. (1) Upon the affirmative vote of Directors representing at least two-thirds of all votes entitled to be cast on behalf of all Members and comprising at least two-thirds of the Directors present, the Board may prepare a plan of dissolution for submission to the voters of the municipal Members of the Authority at meetings of the municipal Members of the Authority duly warned for such purposes. (2) If a majority of the municipal Members of the Authority, authorized by the actions of the voters of municipal Members of the Authority, vote to dissolve the Authority, the Authority shall cease to conduct its affairs except insofar as may be necessary to complete a plan of dissolution and to conclude its affairs. (3) The Board of Directors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the Authority and to the Secretary of State. (b) The plan of dissolution shall be developed using the process outlined in section 21 of this Agreement, and in Appendix A, to the maximum extent feasible and at a minimum shall: (1) identify and value all assets of the Authority; (2) identify all liabilities of the Authority, including contract obligation; (3) determine how the assets of the Authority shall be liquidated and how the liabilities and obligations of the Authority shall be paid, to include assessments against municipalities of the Authority; and (4) specify that any assets remaining after payment of all liabilities shall be apportioned and distributed among the Members according to the same basic formula used in apportioning the costs of the Authority to the Members. (c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the Members whereupon this Agreement and the Authority shall be terminated.
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Dissolution of the Authority. (1) Upon the affirmative vote of directors representing at least two-thirds of all votes entitled to be cast on behalf of all members and comprising at least two-thirds of the directors present, the Board may prepare a plan of dissolution for submission to the voters of the Authority at a special meeting of the Authority duly warned for such purposes. (2) If the voters of the Authority present and voting at such special meeting of the Authority vote to dissolve the Authority, the Authority shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and conclude its affairs. (3) The Board of Directors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the Authority and to the Secretary of State. (b) The plan of dissolution shall, at a minimum: (1) identify and value all assets of the Authority; (2) identify all liabilities of the Authority, including contract obligation; (3) determine how the assets of the Authority shall be liquidated and how the liabilities and obligations of the Authority shall be paid, to include assessments against municipalities of the Authority; and (4) specify that any assets remaining after payment of all liabilities shall be apportioned and distributed among the municipalities according to the same basic formula used in apportioning the costs of the Authority to the municipalities. (c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the members whereupon this Agreement and the Authority shall be terminated.
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Dissolution of the Authority. The Authority may be dissolved in accordance with the provisions of Act 196 and as provided for in Section 12 of the Public Transportation Agreement referenced in section 3.01. If the City of Xxx Arbor is the only political subdivision in the County remaining within the Authority after the expiration of the statutory 30-day withdrawal period, the Authority shall be dissolved. The dissolution action shall provide for the effective date of such dissolution and shall include provisions for the distribution of all assets and for the settlement of all debts and liabilities of the Authority and the provision for continued transportation services to Xxx Arbor and Ypsilanti. Notice of such dissolution shall be executed jointly by the Chairperson and by the Secretary of the Board of the Authority, filed with the recording officer of the Washtenaw County Clerk, and filed and published in the same manner as the original Articles of Incorporation. Except as provided above, dissolution is not required if either (a) a member political subdivision is released from membership pursuant to Section 3.08, or (b) a political subdivision withdraws from the Authority pursuant to Section 3.09. On release from or dissolution of the Authority, any millage obligation pledged for the use by the Authority shall be deemed extinguished as of the date of the dissolution subject to payment or provision for payment of all obligations of the political subdivision to the Public Authority or its creditors as of the date of release or dissolution; and thereafter in the case of dissolution of the Authority, the respective political subdivision shall have no obligation to pledge the respective tax levy to any successor-in-interest to the Authority. GR_DOCS 1788500v10
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Dissolution of the Authority. Upon dissolution of the authority, all remaining community facilities district revenues shall be transferred to the County of Monterey. The County of Monterey shall disburse those community facilities district revenues to each underlying land use jurisdiction on a pro rata basis, based on the source of the revenue or another equitable method that the County of Monterey determines is reasonable. If the authority has any remaining outstanding debt at the time of its dissolution, property tax revenues shall continue to be paid to the County of Monterey in accordance with subparagraph (D) of paragraph (1) of subdivision (c) of Section 33492.71 of the Health and Safety Code in an amount necessary to pay the principal and interest or other amounts on that debt. Upon the dissolution of the authority or the retirement of debt as provided in this subdivision, whichever occurs later, any remaining property tax revenues shall be transferred to the auditor-controller of the County of Monterey for appropriate distribution. If the County of Monterey succeeds to any financial obligation of the authority as a result of the disbursement of remaining revenues or the retirement of debt, that obligation shall not constitute a debt or liability of the county, or any other member agency, but shall be payable solely from the remaining revenues provided for purposes of that obligation in the transition plan. The County of Monterey may, before disbursing revenues as provided in this section, deduct an amount equal to the reasonable cost of administering this section out of the remaining revenues of the authority to be disbursed.
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Dissolution of the Authority. No later than April 30, 2020, FORA shall negotiate for and secure one or more successor agencies to implement all terms, conditions, and obligations of the transition plan. If no agreement is reached for one or more successor agencies prior to its dissolution, FORA plan shall designate a single successor agency from among FORA’s members that shall implement all terms, conditions, and obligations of the transition plan. The Monterey County Local Agency Formation Commission (LAFCO) shall oversee the orderly dissolution of FORA pursuant to the transition plan. LAFCO shall ensure that the successor agency or agencies carry out the terms, conditions, and obligations of the transition plan, and that all contracts, agreements, and pledges to pay or repay money entered into by FORA are honored and properly administered, and that all assets of FORA are appropriately transferred. The dissolution of FORA, and the discharge of its responsibilities pursuant to this section, shall not cause LAFCO to succeed to any obligation, financial or otherwise, of FORA, its members, or any other entity. Upon dissolution of FORA, all remaining CFD revenues and other fund balances shall be transferred to the County of Monterey. The County of Monterey shall disburse those community facilities district revenues and other fund balances to each underlying land use jurisdiction on a pro rata basis, based on the source of the revenue or another equitable method that the County of Monterey determines is reasonable. If FORA has any remaining outstanding and properly established debt at the time of its dissolution, property tax revenues shall continue to be paid to the County of Monterey in accordance with subparagraph (D) of paragraph (1) of subdivision (c) of Section 33492.71 of the Health and Safety Code in an amount necessary to pay the principal and interest or other amounts on that debt. Upon the dissolution of FORA or the retirement of debt as provided in this subdivision, whichever occurs later, any remaining property tax revenues shall be transferred to the auditor-controller of the County of Monterey for appropriate distribution. If the County of Monterey succeeds to any financial obligation of FORA as a result of the disbursement of remaining revenues or the retirement of debt, that obligation shall not constitute a debt or liability of the county, or any other member agency, but shall be payable solely from the remaining revenues provided for purposes of that obligation in the tra...
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Dissolution of the Authority. (1) The Government may, by notification, declare that with effect from such date as may be specified in the notification, the authority shall be dissolved: Provided that no such declaration shall be made by the Government unless a resolution to that effect has been moved in and passed by both Houses of the State Legislature. (2) With effect from the date specified in the notification under sub- section (1).- (a) all properties, funds, and dues which are vested in and realisable by the authority shall vest in and be realizable by the Government; (b) all liabilities enforceable against the authority shall be enforceable against the Government to the extent of the properties, funds and dues vested in and realized by the Government. (3) Nothing in this section shall affect the liability of the Government in respect of loans or debentures guaranteed under sub – section (5) of Section 39. Sub Section (7) of Section 2 of the Companies Act, 1956 reads as under: “body corporate” or “Corporation” includes a company incorporated outside India but (does not include – (a) a Corporation sole; (b) a co-operative society registered under any law relating to co- operative societies; and (c) any other body corporate (not being a company as defined in this Act- which the Central Government may, by notification in the official gazettee, specify in this behalf;
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Dissolution of the Authority. Prior to the Termination Date, the Authority will make such filings as are necessary with the California Secretary of State and the State Controller to formalize the dissolution of the Authority.
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Dissolution of the Authority. In the event that the Authority is dissolved, ceases to function, or all or substantially all of its operations are assumed by a third party other than another governmental entity performing essentially the same functions as the Authority.
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Related to Dissolution of the Authority

  • Dissolution of the Company The Company shall be dissolved upon the happening of any of the following events, whichever shall first occur: (a) upon the written direction of the Member; or (b) the expiration of the term of the Company as provided in Section 2.5 hereof.

  • Dissolution of Company (a) The Company shall be dissolved, wound up and terminated as provided herein upon the first to occur of the following: (i) a decree of dissolution of the Court of Chancery of the State of Delaware pursuant to Section 18-802 of the Act; (ii) the occurrence of any other event that would make it unlawful for the business of the Company to be continued; or (iii) the written consent of each Member. Except as expressly provided herein or as otherwise required by the Act, the Members shall have no power to dissolve the Company. (b) In the event of the dissolution of the Company for any reason, the Manager or any liquidating agent or committee appointed by the Manager upon reasonable arms length transaction terms shall act as a liquidating agent (such liquidating agent or committee, in such capacity, is hereinafter referred to as the “Liquidator”) and shall commence to wind up the affairs of the Company and to liquidate the Company assets. The Members shall continue to share all income, losses and distributions during the period of liquidation in accordance with Articles 4 and 5. The Liquidator shall have reasonable discretion to determine the time, manner and terms of any sale or sales of Company assets pursuant to such liquidation, giving due regard to the activity and condition of the relevant market and general financial and economic conditions. (c) The Liquidator shall have all of the rights and powers with respect to the assets and liabilities of the Company in connection with the liquidation and termination of the Company that the Manager would have with respect to the assets and liabilities of the Company during the term of the Company, and the Liquidator is hereby expressly authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation and termination of the Company and the transfer of any Company assets. (d) Notwithstanding the foregoing, a Liquidator which is not a Member shall not be deemed a Member and shall not have any of the economic interests in the Company of a Member; and such Liquidator shall be compensated for its services to the Company at normal, customary and competitive rates for its services to the Company, as reasonably determined by the Manager.

  • Dissolution of the Partnership The General Partner may dissolve the Partnership prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Partners. Upon the dissolution of the Partnership, the Partners’ respective interests in the Partnership shall be valued and settled in accordance with the procedures set forth in Section 6.5.

  • Dissolution of the Issuer Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer in accordance with Section 9.2 of the Trust Agreement.

  • Procedure for Winding Up and Dissolution If the Company is dissolved, the affairs of the Company shall be wound up. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company in satisfaction of the liabilities of the Company, and then to the person(s) who is/are the Member(s) of the Company in proportion to the Member’s(s’) Interests.

  • Dissolution and Termination of the Company 20 Section 12.1. Dissolution.................................................20 Section 12.2. Liquidation.................................................20 Section 12.3. Time for Liquidation, etc...................................21 Section 12.4. Claims of the Members.......................................21

  • Dissolution The Company shall dissolve, and its affairs shall be wound up, upon the first to occur of the following: (a) the written consent of the Member or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

  • Dissolution Liquidation and Termination of the Company Section 8.1 Events Causing Dissolution. -------------------------- The Company shall dissolve upon and its affairs shall be wound up after the happening of any of the following events: 8.1.1 the Consent of all of the Members; 8.1.2 the sale or other disposition by the Company of all or substantially all of its assets; or 8.1.3 the entry of a decree of judicial dissolution under Section 18-802 of the Act.

  • 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.

  • Liquidation of the Company The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

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