Common use of Mandatory Dissolution Clause in Contracts

Mandatory Dissolution. A. In accordance with §38-1802.13a of the Act, the School Corporation shall dissolve if the Charter (i) has been revoked by PCSB; (i) has not been renewed by PCSB; or (ii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only B. In the event of dissolution of the School Corporation, PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan for (i) liquidating the School Corporation’s assets in a timely fashion and in a manner that will achieve maximum value; (ii) discharging the School Corporation’s debts; and (iii) distributing any remaining assets in accordance with the District of Columbia Nonprofit Corporation Act and

Mandatory Dissolution. A. In accordance with §38-1802.13a of the Act, the School Corporation shall dissolve if the Charter (i) has been revoked by PCSB; (iii) has not been renewed by PCSB; or (iiiii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only B. In the event of dissolution of the School Corporationdissolution, PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan for (iiv) liquidating the School Corporation’s assets in a timely fashion and in a manner that will achieve maximum value; (iiv) discharging discharge the School Corporation’s debts; and (iiivi) distributing distribute any remaining assets in accordance with §29-301.48(3) of the District of Columbia Nonprofit Corporation Act andCode and §38-1802.13a of the Act.