Procedures for dissolution Clause Samples
The Procedures for Dissolution clause outlines the steps and requirements that must be followed to formally end or dissolve an agreement, partnership, or organization. Typically, this clause specifies the necessary approvals, notifications, and actions such as settling outstanding obligations, distributing remaining assets, and filing any required documents with authorities. Its core practical function is to ensure an orderly and transparent process for winding up affairs, thereby minimizing disputes and confusion among the parties involved.
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Procedures for dissolution. On commencement of dissolution proceedings (either by election of all Shareholders or otherwise), the Corporation will cease to carry on business except as necessary to wind up its business and distribute its assets. The President, or any Shareholder or Shareholders appointed by the President, will perform the following acts, as necessary, to wind up the affairs of the Corporation: • Continue the business as necessary for the winding up of the affairs of the Corporation; • Carry out contracts and collect, pay, compromise, and settle debts and claims for or against the Corporation (including participating in litigation, whether as plaintiff or defendant relating to the same); • Sell at public or private sale, exchange, convey, or otherwise dispose of all or any part of the assets of the Corporation for cash in an amount considered reasonable by the President, or his or her appointee(s); • Make contracts and take any steps in the name of the Corporation that are necessary or convenient in order to wind up the affairs of the Corporation; and/or • Employ agents and attorneys to liquidate and wind up the affairs of the Corporation.
Procedures for dissolution. The Managing Board or its representatives shall liquidate the assets of the Company, apply and distribute the Liquidation Proceeds as contemplated by this Agreement and cause the cancellation of the Certificate. As soon as practicable after the dissolution of the Company, a full account of the assets and liabilities of the Company shall be taken, and a statement shall be prepared by the independent accountants then acting for the Company setting forth the assets and liabilities of the Company. A copy of such statement shall be furnished to each Member within ninety (90) days after such dissolution. Thereafter, the assets of the Company shall be liquidated as promptly as practicable and the proceeds thereof shall be distributed as set forth in Section 9.1 hereof.
Procedures for dissolution. On commencement of dissolution proceedings (either by election of all Shareholders or otherwise), the Corporation will cease to carry on business except as necessary to wind up its business and distribute its assets. The President, or any Shareholder or Shareholders appointed by the President, will perform the following acts, as necessary, to wind up the affairs of the Corporation:
(a) Continue the business as necessary for the winding up of the affairs of the Corporation;
(b) Carry out contracts and collect, pay, compromise, and settle debts and claims for or against the Corporation (including participating in litigation, whether as plaintiff or defendant relating to the same);
(c) Sell at public or private sale, exchange, convey, or otherwise dispose of all or any part of the assets of the Corporation for cash in an amount considered reasonable by the President, or his or her appointee(s);
(d) Make contracts and take any steps in the name of the Corporation that are necessary or convenient in order to wind up the affairs of the Corporation; and/or
(e) Employ agents and attorneys to liquidate and wind up the affairs of the Corporation.
Procedures for dissolution. A. A plan of dissolution of any special district shall be made by the County Judge in writing and shall be submitted to the Fiscal Court for approval for any district which was created by the County (KRS 67.715).
B. The County Judge shall notify the Chairperson of the special district which is the subject of the plan of dissolution. The notice shall be in writing and shall be provided at least five (5) days before the plan of dissolution is submitted to the Fiscal Court.
C. All plans of dissolution shall contain: A list of the reasons for dissolving the special district;
Procedures for dissolution. It is acknowledged that some joint ventures come to an end, and there may be a time when the CCABP should be dissolved. There are many reasons why such dissolution may be sought – this is a common process for whatever reason. Consideration of the dissolution of the CCABP may come from one of Partner Churches or from the CCABP Parish Council. No move to dissolve CCABP will be taken without a confirmed Capital Ratio. The Convening Partner will be required to meet with the other Participating Partner and the CCABP Parish Council to consider the reasons for the request and to identify the consequences of dissolution as soon as possible. Should agreement be reached to consider dissolution, a commission will be established to work through the process or identify alternative solutions. The commission will comprise representatives from the Partner Church regional courts and from the CCABP Parish Council. If agreement to dissolve the CCABP is reached the commission will undertake the process of:
a. gaining approval from the CCABP congregation;
b. confirming the current property schedules;
c. defining the distribution of assets, returning them all to the relevant Partner Church parish according to the Schedules of Record and Capital Ratio;
d. liaising with Trustees;
e. ensuring documentation is signed to dissolve the agreement acknowledging the end of a shared journey.