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Article 9 - Dissolution of the IAI-AC

9.    Article 9 - Dissolution of the IAI-AC

9.1    Act of Dissolution

Dissolution of the IAI-AC shall occur when members:

    1. all terminate their membership; or
    2. by special resolution vote in favour of the dissolution by a 3/4 majority of members and proxies present of the IAI-AC.

     
    Upon dissolution, the Board of Directors shall call a dissolution meeting where decisions concerning the founding and other assets of the IAI-AC shall be made.

9.2    Application of Funds

In the event of the IAI-AC being dissolved, the amount which remains after such dissolution and the satisfaction of all debts and liabilities shall be paid and applied by the organisation in accordance with its powers to any organisation which has similar objects and which has rules prohibiting the distribution of its assets and income to its members.

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