Mandatory Dissolution Clause Samples
The Mandatory Dissolution clause requires that a company or partnership must be dissolved upon the occurrence of certain specified events. Typically, these events might include the expiration of a predetermined term, the achievement of a specific business objective, or the occurrence of legal or regulatory triggers such as bankruptcy or a court order. This clause ensures that all parties are aware of the circumstances under which the entity will cease to exist, providing clarity and reducing the risk of disputes about the entity’s continuation or winding up.
Mandatory Dissolution. The Company shall be dissolved immediately upon the first to occur of the following events:
(a) A determination by the Manager and a Super Majority in Interest that the Company should be dissolved;
(b) The withdrawal, termination, bankruptcy or dissolution of all Members, or the occurrence of any other event (other than a Transfer of a Member’s Units in the Company, which shall be subject to Article 8) which terminates the continued membership of all Members in the Company; and
(c) The entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act.
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 A. In accordance with § 38-1802.13a of the Act, the School Corporation shall dissolve if the Charter (i) has been revoked by DC PCSB, (ii) has not been renewed by DC PCSB, or (iii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only applicable in the case of revocation, non-renewal, or voluntary relinquishment of the Charter and is not applicable in the case of a campus closure pursuant to 9.2(C).
B. In the event of dissolution, DC PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan that includes (i) a budget for closure operations, (ii) liquidation of the School Corporation’s assets in a timely fashion and in a manner that will achieve maximum value; (iii) discharge of the School Corporation’s debts; and (iv) distribution of any remaining assets in accordance with § 29-412.06 and § 29-412.07 of the District of Columbia Code and § 38-1802.13a of the Act.
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 A. In accordance with § 38-1802.13a of the Act, the School Corporation shall dissolve if the Charter (i) has been revoked by PCSB; (ii) has not been renewed by PCSB; or (iii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only applicable in the case of revocation, non-renewal or voluntary relinquishment of the Charter and is not applicable in the case of a campus closure pursuant to 9.2(C).
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. 14 SECTION 10. OTHER PROVISIONS 15
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 DC PCSB, (ii) has not been renewed by DC PCSB, or (iii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only applicable in the case of revocation, non-renewal, or voluntary relinquishment of the Charter and is not applicable in the case of a campus closure pursuant to 9.2(C).
B. In the event of dissolution, DC PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan that includes (i) a budget for closure operations,
Mandatory Dissolution. A. In accordance with §38-1802.13a of the Act, DCI shall dissolve if this Authorization (i) has been revoked by PCSB; (ii) has not been renewed by PCSB; or (iii) has been voluntarily relinquished by DCI. Mandatory dissolution is only applicable in the case of revocation, non-renewal or voluntary relinquishment of Authorization of DCI and is not applicable in the case of a Campus closure pursuant to 9.2(D).
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 DC PCSB, (ii) has not been renewed by DC PCSB, or (iii) has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only applicable in the case of revocation, non-renewal, or voluntary relinquishment of the Charter and is not applicable in the case of a campus closure pursuant to 9.2(C).
B. In the event of dissolution, DC PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan that includes (i) a budget for closure operations, (ii) liquidation of the School Corporation’s assets in a timely fashion and in a manner that will achieve maximum value; (iii) discharge of the School Corporation’s debts; and (iv) distribution of any remaining assets in accordance with § 29-412.06 and § 29-412.07 of the District of Columbia Code and § 38-1802.13a of the Act.
C. The School Corporation will make all reasonable efforts to ensure that any lease or other relevant agreement between the LEARN Charter School Network (“LEARN”) and the School Corporation, LEARN and Joint Base Anacostia-▇▇▇▇▇▇▇ (“JBAB”), or the School Corporation and JBAB provides that, should the School Corporation relinquish its charter or have its charter revoked or non-renewed, the School Corporation’s assets, including its facility, may be transferred to a high- performing public charter school through an asset acquisition overseen by DC PCSB, pursuant to the School Reform Act.
Mandatory Dissolution. A. In accordance with § 38-1802.13a of the Act, the School Corporation shall dissolve if the Charter has been revoked by DC PCSB, has not been renewed by DC PCSB, or has been voluntarily relinquished by the School Corporation. Mandatory dissolution is only applicable in the case of revocation, non-renewal, or voluntary relinquishment of the Charter and is not applicable in the case of a campus closure pursuant to 9.2(C).
B. In the event of dissolution, DC PCSB, in consultation with the Board of Trustees of the School Corporation, shall develop and execute a plan that includes (i) a budget for closure operations, (ii) liquidation of the School Corporation's assets in a timely fashion and in a manner that will achieve maximum value; (iii) discharge of the School Corporation's debts; and (iv) distribution of any remaining assets in accordance with § 38-1802.13a of the Act.