TERMINATION AND DISTRIBUTION OF ASSETS Sample Clauses
TERMINATION AND DISTRIBUTION OF ASSETS. (a) A three-fourths vote of the total voting membership of PRISM, consisting of member counties, acting through their boards of supervisors, and the voting Board of Directors members from the member public entities, is required to terminate this Agreement; provided; however, that this Agreement and PRISM shall continue to exist after such election for the purpose of disposing of all claims, distributing all assets, and performing all other functions necessary to conclude the affairs of PRISM.
(b) Upon termination of this Agreement, all assets of PRISM in each insurance program shall be distributed among those members which participated in that program in proportion to their cash contributions, including premiums paid and property contributed (at market value when contributed). The Board of Directors shall determine such distribution within six (6) months after disposal of the last pending claim or other liability covered by the program.
(c) Following termination of this Agreement, any member which was a participant in an insurance program of PRISM shall pay any additional amount of premium, determined by the Board of Directors in accordance with a loss allocation formula, which may be necessary to enable final disposition of all claims arising from losses under that program during the entire coverage year in which the member was a participant regardless of the date of entry into such program.
TERMINATION AND DISTRIBUTION OF ASSETS. A two-thirds vote of the total voting membership of the Authority, consisting of Members, acting through their governing bodies and the voting Board Members from the Member public entities, is required to terminate this Agreement; provided, however, that this Agreement and the Authority shall continue to exist after such election for the purpose of disposing of all claims, distributing all assets, and performing all other functions necessary to conclude the affairs of the Authority. Upon termination of this Agreement and following disposition of all claims against and obligations of the Authority, all remaining assets of the Authority in each Program shall be distributed among those Members who participated in that Program in proportion to their cash contributions and property contributed (at market value when contributed). The Board of Directors shall determine such distribution within six (6) months after disposal of the last pending claim or other liability covered by the Program.
TERMINATION AND DISTRIBUTION OF ASSETS. This Agreement may be terminated at any time that no financial obligations of the Agency are outstanding, with the approval of two-thirds of the Members. Upon termination of this Agreement, all assets of the Agency shall, after payment of all unpaid costs, expenses and charges incurred under this Agreement, be distributed among the parties to this Agreement, in accordance with the respective contributions of each of the Parties.
TERMINATION AND DISTRIBUTION OF ASSETS. 1. The Fund's operations may be terminated by written agreement of the Original Parties.
2. Upon termination of operations the Fund shall immediately cease all activities, except those incidental to the orderly realization and conservation of its assets and the settlement of its obligations.
3. On final settlement of the obligations of the Fund and the distribution of its assets this Agreement shall terminate. Until then, the Fund shall remain in existence and all rights and obligations for the Fund and the Parties and Subsequent Contributors under this Agreement shall continue unimpaired.
4. In the event of termination, no distribution of assets shall be made until all liabilities have been discharged. Subsequently, the assets of the Fund shall be distributed as follows:
(a) the Present Market Value of the Principal and Income attributable to the Government of the United States shall be paid back to that Government; and,
(b) the Present Market Value of the Principal and Income attributable to the Government of the Federated States of Micronesia shall be paid back to that Government.
(c) the Present Market Value of the Principal and Income attributable to Subsequent Contributors shall be paid back to those Subsquent Contributors, unless such Subsequent Contributors agree otherwise.
TERMINATION AND DISTRIBUTION OF ASSETS. (a) A three-fourths vote of the total voting membership of PRISMthe Authority, consisting of member counties, acting through their boards of supervisors, and the voting Board of Directors members from the member public entities, is required to terminate this Agreement; provided, however, that this Agreement and PRISM the Authority shall continue to exist after such election for the purpose of disposing of all claims, distributing all assets, and performing all other functions necessary to conclude the affairs of PRISMthe Authority.
(b) Upon termination of this Agreement, all assets of PRISMthe Authority in each insurance program shall be distributed among those members which participated in that program in proportion to their cash contributions, including premiums paid and property contributed (at market value when contributed). The Board of Directors shall determine such distribution within six (6) months after disposal of the last pending claim or other liability covered by the program.
(c) Following termination of this Agreement, any member which was a participant in an insurance program of PRISMthe Authority shall pay any additional amount of premium, determined by the Board of Directors in accordance with a loss allocation formula, which may be necessary to enable final disposition of all claims arising from losses under that program during the entire coverage year in which the member was a participant regardless of the date of entry into such program.
TERMINATION AND DISTRIBUTION OF ASSETS. (a) A three-fourths vote of the total voting membership of the Authority, consisting of member counties, acting through their boards of supervisors, is required to terminate this Agreement; provided, however, that this Agreement and the Authority shall continue to exist after such election for the purpose of distributing all assets, and performing all other functions necessary to conclude the affairs of the Authority.
(b) Upon termination of this Agreement, all assets of the Authority in each program shall be distributed among those members which participated in that program in proportion to their cash contributions and property contributed (at market value when contributed). The Board of Directors shall determine such distribution within six (6) months after payment of the last expense covered by the program.
TERMINATION AND DISTRIBUTION OF ASSETS. (a) This Agreement shall expire upon the earliest of the events described below:
(1) If the New Mexico CAP Entity becomes a legislatively recognized political subdivision of the State, that is to say, a body created by an Act of the New Mexico Legislature that is not an arm of the State of New Mexico; or
(2) If this Agreement is superseded by another agreement; Provided, however, that unless the reason for termination of this Agreement is that the New Mexico CAP Entity has become a legislatively-authorized political subdivision of the State, this Agreement shall not be terminated so long as any bonds issued in connection with the AWSA are outstanding, i.e., so long as there has not been full payment or defeasance of such bonds; or
(3) If this Agreement is terminated by a vote of 2/3 of the Parties or in accordance with the provisions of Paragraph X(f) herein, provided that, unless the New Mexico CAP Entity has become a legislatively- authorized political subdivision of the State, this Agreement shall not be terminated so long as any bonds issued in connection with the AWSA are outstanding.
(b) At the time this Agreement terminates, pursuant to NMSA 1978, Section 11-1-4, any funds remaining in the NM Unit Fund will remain under the control of the ISC for continued disbursement to the New Mexico CAP Entity or to others in accordance with the terms of the AWSA, the CUFA, the NM Unit Fund statute, and any other applicable law. Any remaining unexpended operating budget funds provided by the ISC from the NM Unit Fund will be returned to the NM Unit Fund. If the reason for termination is that the New Mexico CAP Entity has become a legislatively-authorized political subdivision of the State, then the ISC, upon approval by the Board of Finance and the New Mexico legislature, as necessary, will turn over to the New Mexico CAP Entity title to any assets the ISC may own related to the NM Unit. Title to all NM Unit assets owned by the Second Fiscal Agent for the New Mexico CAP Entity shall pass to the legislatively authorized New Mexico CAP Entity in accordance with all governing laws. If the reason for termination is that the New Mexico CAP Entity has become a legislatively-authorized political subdivision of the State, any bonds that were issued on behalf of the New Mexico CAP Entity or any other debt assumed on behalf of the New Mexico CAP Entity by a Party to this JPA, including but not limited to the New Mexico CAP Entity’s Second Fiscal Agent, shall transfer from...
TERMINATION AND DISTRIBUTION OF ASSETS. (a) This Agreement may be terminated by three-fourths of the members, acting through their governing bodies; provided, however, that this Agreement and the Authority shall continue to exist after such election for the purpose of disposing of all claims, distributing all assets, and performing all other functions necessary to conclude the affairs of the Authority.
(b) Upon termination of this Agreement, all assets of the Authority in each program shall be distributed among those members that participated in that program in proportion to their cash contributions, including premiums paid and property contributed (at market value when contributed). The Board of Directors shall determine such distribution within six (6) months after disposal of the last pending claim or other liability covered by the program.
(c) Following termination of this Agreement, any member who was a participant in a program of the Authority shall pay any additional amount of premium, determined by the Board of Directors in accordance with a loss allocation formula, which may be necessary to enable final disposition of all claims arising from losses under that program in accordance with an applicable MOU.
(d) Termination of this Agreement by any party shall not be construed as a completion of the purposes of the Agreement and shall not require the repayment or return to the parties of all or any portion of any contributions, payments, or advances made by the parties until the Agreement is rescinded or terminated as to all parties.
TERMINATION AND DISTRIBUTION OF ASSETS. (1) Except as provided in paragraph 5 of Article 29, the Fund’s operations shall be terminated:
(a) by a decision of the Board taken by a majority including the votes of two-thirds of the Directors appointed by the original Parties; or
(b) upon the Government of Tuvalu giving notice of termination in accordance with Article 24.
(2) Upon termination of operations the Fund shall immediately cease all activities, except those incidental to the orderly realisation and conservation of its assets and the settlement of its obligations. Agreement concerning an International Trust Fund for Tuvalu CAP 4.22.1 Article 26
(3) On final settlement of the obligations of the Fund and the distribution of its assets this Agreement shall terminate. Until then the Fund shall remain in existence and all rights and obligations of the Fund and the Parties under this Agreement consistent with the termination of the Fund’s operations shall continue unimpaired, except that no Party may withdraw.
(a) No distribution of assets shall be made until all Liabilities to creditors have been discharged.
(b) Subsequently, the assets of the Fund shall be distributed as follows:
(i) the real value of contributions made by the Government of Tuvalu shall be paid to that Government; and
(ii) any remaining assets of the Fund shall be distributed to the Government of Tuvalu unless the Board by a two-thirds majority decides otherwise.
TERMINATION AND DISTRIBUTION OF ASSETS. A 2/3 vote of the governing bodies of each of the Members of the Agency is required to terminate the Agency and this Agreement. If necessary, this Agreement and the Agency shall continue to exist after such election for the sole purpose of disposing of all claims, distributing all assets, and performing all other functions necessary to conclude the affairs of the Agency. Upon the termination of this Agreement and following the disposition of any claims or other liabilities of the Agency, any remaining assets of the Agency shall be distributed among its members in proportion to their cash contributions or contributions of real or personal property, all based on market value at the time of contribution. The Board of Directors shall determine such distribution within six months after disposal of the last pending claim or other liability of the Agency. In the event of termination, a withdrawn member may share in the distribution of assets pursuant to this provision.