Laserfiche WebLink
E. Fiscal Year. Unless otherwise required by federal or state law, the fiscal <br /> year for ACAP shall be from January 1, to and including December 31. <br /> VI. MISCI?I,I�INFOUS PROVISIONS <br /> A. Indefinite Term. This agreement shall become effective upon execution <br /> by the signatories hereto and shall continue in full force and effect until terminated pursuant to <br /> this section. <br /> B. Withdrawal Not Permitted. As ACAP's current purpose is to <br /> expeditiously wind up its affairs, the Members are not permitted to withdraw. <br /> C. "Terminadon. This Agreement shall terminate on the happening of either <br /> of the following events: <br /> 1. The governing boards of each of the Members approve the <br /> termination. <br /> 2. The entire Governing Board of ACAP unanimously adopts a <br /> resolution of termination stating: (a) that ACAP has been completely wound up; (b) that its <br /> known debts and liabilities have been actually paid or adequately provided for; (c) that the <br /> known assets of ACAP have been distributed to the persons entitled thereto after payment of <br /> known debts and liabilities; and (d) that ACAP is dissolved. <br /> D. Amendments. This agreement may be amended at any time by the <br /> written agreement of the Members, as long as the amendment is not in conflict with applicable <br /> law. <br /> E. Limitation of Power. Nothing contained in this agreement shall be <br /> construed to authorize any action which any signatory is not authorized by law to undertake. <br /> F. Severability. Should any part, term, or provision of this agreement be <br /> decided by a court of competent jurisdiction to be illegal or in conflict with any law of the State <br /> of California, or otherwise be rendered unenforceable or ineffectual, the validity of the <br /> remaining portions or provisions shall not be affected thereby. <br /> G. Reservation of Rights. By entering into this agreement, the purpose of <br /> which is to facilitate the orderly winding up of ACAP's affairs, none of the Members shall be <br /> deemed to be parties to the Original IPA nor shall any of the Members be deemed to have <br /> admitted responsibility for the debts, liabilities, and obligations of ACAP. <br /> H. Submission of Notice to Secretary of State. Upon receipt of a fully <br /> executed copy of this agreement, ACAP shall prepare and file the notices with the Secretary of <br /> State and the State Controller required by Government Code sections 6503.5 and 6503.6. <br /> [Execution Page Follows] <br /> —6— <br />