DISPOSITION OF PROPERTY AND FUNDS Sample Clauses
The "Disposition of Property and Funds" clause defines how assets and financial resources are to be handled, distributed, or transferred, typically upon the dissolution of an agreement, organization, or partnership. This clause outlines the procedures for allocating remaining property, such as equipment or intellectual property, and funds, such as cash balances or investments, to designated parties or for specific purposes. Its core function is to ensure an orderly and transparent process for winding up affairs, preventing disputes over ownership or entitlement, and providing clarity on the final distribution of resources.
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DISPOSITION OF PROPERTY AND FUNDS. In the event of the dissolution of this Regional Occupational Center/Program, the complete rescission or other final termination of this agreement by all Districts then a party hereto, any property interest remaining in the Regional Occupational Center/Program following a discharge of obligations, shall be disposed of as the Council shall then determine with the objective of returning to the district or other agency which is then or was theretofore a party to this agreement a proportionate share of any remaining obligations should they exist. Such disposition shall follow to the extent possible the provision set forth below for the withdrawing district(s). In the event a district withdraws from this Agreement, all obligations between the withdrawing district and the Regional Occupational Center/Program shall be discharged through a transfer to the withdrawing district of real and/or personal property and/or funds equal to the withdrawing district's prorate share of the total tangible assets of the Regional Occupational Center/Program no later than one year following the effective date of withdrawal. The Council shall have the right to purchase any or all of the withdrawing district's prorata share of the total tangible assets of the Council excepting permanent improvements made upon real property of the withdrawing district, for an amount equal to the value which otherwise would be credited to the withdrawing district upon withdrawal.
DISPOSITION OF PROPERTY AND FUNDS. A. In the event of the dissolution of the Trust or other final termination of the Agreement by all public corporations then parties thereto, any property interest remaining in the Trust following the discharge of all obligations shall be disposed of as provided for by the By-Laws and according to state law.
B. In the event that a member withdraws from this Agreement any property interest of that member remaining in the Trust following discharge of all obligations attributable to that member and its officers and employees shall be disposed of as provided by the By-Laws.
C. Obligations as referred to herein shall include but not be limited to all payments required pursuant to the workers compensation laws of the State of Montana together with all reserves which had been established for the purposes of paying workers compensation claims together with any other legal obligations incurred by the Trust pursuant to this Agreement.
D. After the completion of the purpose of this Agreement, any surplus money on hand shall be returned in proportion to the contributions made, pursuant to Montana state law to each of the participating member public corporations.
DISPOSITION OF PROPERTY AND FUNDS. Upon termination of this Agreement, the Authority forthwith shall conclude its affairs, including discharging all of its outstanding legal obligations. Personal property and funds remaining in the Authority shall be returned to the party from which the funds or personal property were obtained, except as mutually agreed by the parties. All real property owned by the Authority shall be conveyed to the City, unless the Authority shall determine otherwise.
DISPOSITION OF PROPERTY AND FUNDS. 9.1 In the event of the termination of this Agreement and the dissolution of the Authority, any assets that remain in the Authority following a discharge of all of the Authority’s obligations shall be disposed of as provided in the Bylaws.
9.2 “Obligations,” as referred to herein, shall include, but not be limited to, all payments required by law, together with all reserves established for the purpose of paying liability losses and related loss costs, together with any other legal obligations incurred by the Authority pursuant to this Agreement.
9.3 In the event a Member withdraws from the Authority or has its membership in the Authority involuntarily terminated, that Member’s interest in the assets of the Authority shall be determined as set forth in the Bylaws.
DISPOSITION OF PROPERTY AND FUNDS. A. In the event of the dissolution of the CONSORTIUM, the complete rescission, or other final termination of this Agreement by all Members, any property interests, surplus monies or other assets remaining in the CONSORTIUM following a discharge of all obligations shall be disposed of by returning to each Member at the date of termination an individual Pro Rata share of said assets which shall be determined in the same manner as for withdrawing Member as provided in this Agreement and the Bylaws.
B. The current fair value of properties shall be determined by the CONSORTIUM. If the withdrawing or terminating Member disagrees with the current fair value of the CONSORTIUM properties as determined by the CONSORTIUM, the current fair value of said properties shall be determined by independent consultant selected by the CONSORTIUM and paid for by the withdrawing or terminating Member.
DISPOSITION OF PROPERTY AND FUNDS. (a) In the event of the dissolution of the Authority, the complete recision, or other final termination of this Agreement by all public agencies then a party hereto, any property interest remaining in the Authority following a discharge of all obligations shall be disposed of as provided for by the Bylaws.
(b) In the event a member withdraws from this Agreement, any property interest of that member remaining in the Authority following discharge of all obligations shall be disposed of as provided for by the Bylaws.
(c) Obligations," as referred to herein, shall include, but not be limited to, all payments required by law, together with all reserves which have been established for the purpose of paying incurred claims together with any other legal obligations incurred by the Authority pursuant to this Agreement.
DISPOSITION OF PROPERTY AND FUNDS. At such time as this AGREEMENT is terminated, any property interest remaining in the COMMISSION, following discharge of all obligations owed by the COMMISSION, shall be disposed of and the proceeds of the property shall be returned to the parties in proportion to their contribution.
DISPOSITION OF PROPERTY AND FUNDS. ▇. ▇▇ the event of the dissolution of the Agency, including the complete rescission or other final termination of this Agreement by all Participating Districts hereto, any real or personal property shall be used to discharge all obligations of the Agency pursuant to Section 6511 of the State Government Code. For any property that remains following said discharge the East Bay ROP shall return to each Participating District that was a party to this Agreement a proportionate share of the contributions made to such properties by the Participating District or in the same proportionate share of any remaining obligations should they exist. Such disposition shall follow, to the extent possible, the provision set forth below for the withdrawing Participating District(s) (each a “Withdrawing District”).
▇. ▇▇ the event that a Participating District withdraws from this Agreement, all obligations between the Withdrawing District and the East Bay ROP shall be discharged through a transfer to the Withdrawing District of real or personal property or funds equal to the Withdrawing District’s pro rata share of the total tangible assets of the East Bay ROP no later than one year following the effective date of the withdrawal. The East Bay ROP Governing Board shall have the right to purchase any or all of the Withdrawing District’s pro rata share of the total tangible assets of the East Bay ROP, excepting permanent improvements made upon real property of the Withdrawing District, for an amount equal to the value which otherwise would be credited to the Withdrawing District upon withdrawal.
C. The total tangible assets of the East Bay ROP are permanent buildings, relocatable buildings, administrative and instructional equipment, cash in bank, advance ADA and monies earned but not received from the Participating Districts. The California School Accounting Manual shall be used to determine the category for particular assets. The pro rata determination of tangible assets, defined as permanent buildings, relocatable buildings, and administrative and instructional equipment and monies, shall be based on the percentage of total generated ADA of all Districts a party hereto from the date it became a Participating District in this organization until the last day of the fiscal year of participation by the Withdrawing District.
DISPOSITION OF PROPERTY AND FUNDS. A. Upon termination of the Consortium, or the complete rescission or other final termination of this Agreement by all Partner Districts that are then Parties to this Agreement, any property interest remaining in the Consortium following the discharge of all outstanding obligations shall be divided equally and returned to the terminating Partner Districts.
B. Any Partner District that withdraws or is involuntarily terminated from the Consortium shall have no further property interest in the Consortium.
DISPOSITION OF PROPERTY AND FUNDS. (a) Upon the dissolution of the Authority or other final termination of the Agreement, any properties of the Authority shall be liquidated and the funds received, together with other funds on hand, shall be used first to discharge all obligations of the Authority. These obligations shall include all claims for which the Authority may have financial responsibility including claims which have been incurred but not reported, and shall be determined by independent accountants and actuaries selected by the Executive Board. Any surplus funds remaining after payment of or providing for the Authority’s obligations shall be applied in accordance with Subsection (b) below.
(b) Surplus money on hand in a self-insurance pool operated by the Authority shall be returned to present and former Member Agencies who participated in the pool in proportion to contributions made and claims or losses paid as specified in California Government Code Section 6512.2. Any other surplus money remaining on hand shall be returned in proportion to contributions made as specified in California Government Code Section 6512.