Laserfiche WebLink
<br />, <br />Section 3. The Authority shall be dissolved whenever the <br />withdrawal of a member reduces total membership in the Authority <br /> <br />. <br /> <br />to less than the nmnber of members required for organization of <br />the Authority under Article VII, Section 2. The Authority may <br />be dis~olved at any time by unanimous vote of all the members <br />of the Board of Directors. <br /> <br />Section 4. In the event of dissolution, the Board shall <br /> <br />determine the measures necessary to affect, the dissolution and <br /> <br />shall provide for the taking of such measures as promptly as <br /> <br />circumstances permit, subject to the provisions of this <br /> <br />'agreement. Upon dissolution of the 1'.uthority all remaining <br /> <br />assets of the Authority, after payment of obligations, shall be <br />distributed among the then existing members in proportion to <br />the number of their,votes on the Board and in accordance'with <br /> <br />procedures established by the Board. The Authority shall . <br /> <br />continue to exist after dissolution for such period, no longer <br /> <br />than six months, as is necessary to wind up its affairs but. for <br /> <br />.no other purpose. <br />( <br />XII. TRANSITIONAL AND MISCELLN~EOUS 11ATTERS <br /> <br />Section 1. The activities of the Authority shall be con- <br /> <br />fined to.gas and electric utilities, provided however, that the <br /> <br /> <br />Authority'may extend and broaden its activities to any other <br /> <br />. <br /> <br />public utility as defined in this agreement by a 75% majority <br /> <br />vote of all the votes of the Board of Directors, taken at a <br /> <br />regular' meeting of. the Board. In the event the activities of <br /> <br />the Authority are so extended and broadened, the Authority and <br /> <br />''\-1 <br /> <br />, <br /> <br />-11- <br /> <br />" <br /> <br />/ <br />