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MF <br />each year. If a quorum is not present at the regular meeting in July, the budget may be adopted by <br />unanimous vote of the executive committee. Copies of the budget must be mailed promptly to the <br />chief administrative officer of each member. The budget is deemed approved by the members <br />except one who, at any time prior to the annual meeting gives notice in writing to the secretary - <br />treasurer that it is withdrawing from the Authority. <br />XI. DURATION AND DISSOLUTION <br />Section 1. The Authority will exist, and this Agreement is in effect, for an indefinite term <br />until dissolved in accordance with Section 3 of this article. <br />Section 2. A member may withdraw from the Authority by filing a written notice with the <br />secretary -treasurer by June 15 of any year giving notice of withdrawal at the end of that calendar <br />year; and membership shall continue until the effective date of the withdrawal. A notice of <br />withdrawal may be rescinded at any time by a member. If a member withdraws before dissolution <br />of the Authority, the member will have no claim on the assets of the Authority. <br />Section 3. The Authority must be dissolved whenever the withdrawal of a member reduces <br />total membership in the Authority to less than seven. The Authority may be dissolved at any time by <br />unanimous vote of all the members of the Board of Directors. <br />Section 4. In the event of dissolution, the Board must determine the measures necessary to <br />effect the dissolution and provide for the taking of such measures as promptly as circumstances <br />permit, subject to the provisions of this Agreement. Upon dissolution of the Authority all remaining <br />assets of the Authority, after payment of obligations, must be distributed among the then existing <br />members in proportion to the number of their votes on the Board and in accordance with procedures <br />established by the Board. The Authority will continue to exist after dissolution for the period, no <br />longer than six months, necessary to wind up its affairs but for no other purpose. <br />9 <br />1099000 SU160-3 <br />