Common use of Winding Up Upon Dissolution Clause in Contracts

Winding Up Upon Dissolution. Consistent with the provisions of the Bylaws and Articles of Incorporation of the Alumni Foundation, should the entity cease to exist or cease to be an IRC § 501 (c)(3) organization, it will transfer its assets and property to the University or the assignee chosen by the University. Any transition to the University or its assignee will occur on an agreed upon reasonable timetable designed to minimize donor disruption and any potential tax issues. If a time table cannot be agreed upon with in the first ninety (90) days of a termination notice as outlined in section 6.5 the matter will be resolved through mandatory mediation using a mediator from the American Arbitration Association. For purposes of this section, a corporate reorganization, merger, or consolidation or a renaming of the Alumni Foundation shall not constitute a cessation of existence provided the Alumni Foundation, or its successor, is recognized as the affiliated foundation of Montana State University for the purposes outlined in Section 901.9 of the Montana University System Policy and Procedures Manual.

Winding Up Upon Dissolution. Consistent with the provisions of the Bylaws and Articles of Incorporation of the Alumni Foundation, and in keeping with any specific donor instruction, should the entity cease to exist or cease to be an IRC § 501 (c)(3) organization, it will transfer its assets and property to the University or the assignee chosen by the University. Any transition to the University or its assignee will occur on an agreed upon reasonable timetable designed to minimize donor disruption and any potential tax issues. If a time table cannot be agreed upon with in the first ninety (90) days of a termination notice as outlined in section 6.5 the matter will be resolved through mandatory mediation using a mediator from the American Arbitration Association. For purposes of this section, a corporate reorganization, merger, or consolidation or a renaming of the Alumni Foundation shall not constitute a cessation of existence provided the Alumni Foundation, or its successor, is recognized as the affiliated foundation of Montana State Technological University for the purposes outlined in Section 901.9 of the Montana University System Policy and Procedures Manual.

Winding Up Upon Dissolution. Consistent with the provisions of the Bylaws and Articles of Incorporation of the Alumni Foundation, should the entity cease to exist or cease to be an IRC § 501 (c)(3) organization, it will transfer its assets and property to the University or the assignee chosen by the University. Any transition to the University or its assignee will occur on an agreed upon reasonable timetable designed to minimize donor disruption and any potential tax issues. If a time table timetable cannot be agreed upon with in the first ninety (90) days of a termination notice as outlined in section 6.5 the matter will be resolved through mandatory mediation using a mediator from the American Arbitration Association. For purposes of this section, a corporate reorganization, merger, or consolidation or a renaming of the Alumni Foundation shall not constitute a cessation of existence provided the Alumni Foundation, or its successor, is recognized as the affiliated foundation of Montana State University Xxxxxxxx for the purposes outlined in Section 901.9 of the Montana University System Policy and Procedures Manual.