1994 06-20 CCP - Laserfiche WebLink

Home

94944530 P.04 :TUN=07-1994 07:27 FROM Ramsey County Risk Mgmt. TO I Article WU Withdrawal No mar maywithdraw km .this Agreement, or any division of the Trust created tide V,. fora period of three (3) years after its initial entry into the Trust or division A reeMbcrmay; after the initial. three years, Withdraw from this Agreement, or.anydivision created pursuant to Artide V, upon written noticeto the Board according to the Byla c app tine affected division or divisions. The withdrawal. af.a nicmbcr shall not affect the confine n Trust or any division of the Trust by the remaining members, A xoember that withdraws pmntly and severally liable.for all debts, obligations and liabiities which werc.incurred on its by` the Trust.during the term otitis Membership.. The liability of a Member upon withdrawal determinedig acaordencs With the Bylaws and other appiicable requirements. A member th to qualify forpsrticipatiom in the Trnst.ar terreinates participation, shall.lsave no right or - reserves or other holdings of the Trust. 'Tie withdrawing member May be entitled to a share sets of the Trust only if deemed appropriate by the Board. The.Board at its sole dssc radon seine the nature and timing of any distribudon of assets to a withdrawing member. Article IX Assessments/Distributions .The amount of any liabilities in. cx=ss of assets, in any division of MCIT, shall be assessed to propriste members of the Trust in a form, manner and amount as de.tcrmined'by the Board, The Board may, at its discretion, determine that an assessmectis necessary to insure the levity of the Trost, to operate and maintain the Trust or to carryout other purposes of the suant to this Agreement. Such assessments shall be in a form, manner and amount as det the Board le :the :event ..that the assets, in any division of the Trust, are determinedto be more than suBi .eat to meat liabilities and maintain prudent reserves, such surphtts assets may be returned to mcm credited towardfuture annual payments or otherwise utilized as deterraiaed by the Board is later. . the Trost 'cable: to of the remain • all be: t oases to the fthe is- y deter. - Article X Disposition OrTrust. Property In the event that the Trust is terminated: any property ar other assets acquired by Board be distributed to the members in a manner to be determined by the Board. However, sarmient eservcs. shall be retained and maintained consistent with the Trust's obligations and known oar • -. ble risks, under this Agreement, the Bylaws, and applicable laws ar regulations. Article XI .Other Agreements This agreement replaces earlier joint powers.agreensents. concerning die..eatabiisfmaent and peration of the Trust.•To the arrest that previous agreements are inconsistent with the provisions of wen- tint such earlier agrcements.are void. Entering into dais agrccment doesnot alter a tn= • . a inntial entry date into the Trust or adivision of the Trust for the purposes of talenlatiig the... time necessary for withdrawal Iron' the Trust or a division. of the Trust: Failure to adapt this agr usent does • not cabatitute withdrawal from the Trust or alter a member's obhgatioaa for participation er the terms of earlier agreements. TOTAL P:04