28E.5 - SPECIFICATIONS.
28E.5 SPECIFICATIONS.
Any such agreement shall specify the following:
1. Its duration.
2. The precise organization, composition and nature of any
separate legal or administrative entity created thereby together with
the powers delegated thereto, provided such entity may be legally
created. However, if the agreement establishes a separate legal or
administrative entity, the entity shall, when investing funds, comply
with the provisions of sections 12B.10 and 12B.10A through 12B.10C
and other applicable law.
3. Its purpose or purposes.
4. The manner of financing the joint or cooperative undertaking
and of establishing and maintaining a budget therefor.
5. The permissible method or methods to be employed in
accomplishing the partial or complete termination of the agreement
and for disposing of property upon such partial or complete
termination.
6. Any other necessary and proper matters. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 28E.5] Section History: Recent Form
92 Acts, ch 1156, §9
Referred to in § 28E.8, 28E.41