Disposition of School’s Assets upon Termination or Dissolution Clause Samples
The 'Disposition of School’s Assets upon Termination or Dissolution' clause defines how a school's assets are to be handled if the institution is closed or dissolved. Typically, this clause outlines the process for distributing or transferring property, funds, and other resources, often specifying that assets must be used for educational or charitable purposes and may not benefit private individuals. Its core function is to ensure that the school's resources are responsibly managed and directed toward appropriate uses in the event of closure, thereby preventing misuse or improper allocation of assets.
Disposition of School’s Assets upon Termination or Dissolution. Upon termination of the Charter for any reason, any assets owned by the School shall be distributed in accordance with Charter Schools Law.
Disposition of School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason or if the School should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned by the School, including tangible, intangible, and real property, remaining after paying the School’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District.
Disposition of School’s Assets upon Termination or Dissolution. Upon termination of
Disposition of School’s Assets upon Termination or Dissolution. The School Board shall adopt a rule specifying the method to be used for disposing of real and personal property acquired by the Charter School upon the expiration or termination of the Contract or upon failure of the Charter School to continue operations or when the real or personal property is no longer needed. Any real or personal property purchased by the Charter School at any time with public funds shall be retained by the SBE, upon the occurrence of any of said events. However, if the Charter School continues operation in the geographical boundaries of the Sponsor under a new charter contract sponsored by another entity authorized under the Oklahoma Charter Schools Act to sponsor charter schools, then any personal property purchased with state or local funds by the Charter School may be retained by the Charter School for use in operation of the Charter School until termination of the new charter or failure of the Charter School to continue operations, at which time all such personal property shall be retained by the Sponsor. On or before January 1 of each year, the School Board shall provide to the Sponsor a full, detailed and complete inventory of all real and personal property that it has purchased with state or local funds. Upon termination of this Contract for any reason or if the Charter School should cease operations or otherwise dissolve, then, any assets not purchased with state or local funds that are owned by the Charter School, including tangible, intangible, and real property, remaining after paying the Charter School’s debts and obligations and not requiring return or transfer to donors or grantors, or other disposition in accordance with state law, shall be donated to another educational institution or institutions of Charter School’s choosing or remain in Charter School’s possession should Charter School enter into a charter contract with another sponsor.