Article XV - DISSOLUTIONS
The Association may elect to dissolve voluntarily, and wind up its affairs in the manner as provided herein.
- Proposal of Voluntary Dissolution. Voluntary dissolution shall be proposed by:
- the adoption by the Board of Directors or other body of a resolution recommending that the Association be dissolved voluntarily;
- petition of members entitled to cast at least ten percent (10%) of the votes which all members are entitled to cast thereon, setting forth a resolution recommending that the Association be dissolved voluntarily, which petition shall be directed to the Board of Directors and filed with the Executive Vice President of the Association; or,
- such other method as may be determined, from time to time, by the Board of Directors.
- Voting by Members. The Board of Directors or other body or the petitioning members shall direct that the question of dissolution be submitted to a vote of the members entitled to vote thereon at a regular or special meeting of the members. The resolution shall be adopted upon receiving the affirmative
vote of the members present entitled to cast at least a majority of the votes which all members present are entitled to cast thereon.
- Notice. Written notice shall, not less than ten (10) days before the meeting of members called for the purpose of considering the advisability of voluntarily dissolving the Association, be given to each member of record entitled to vote thereon and such purpose shall be included in the notice of the meeting.
- Distribution of Assets. On dissolution of the Association, any funds or assets remaining shall be distributed, as determined by the Board of Directors, and in accordance with the laws of Pennsylvania, to one or more trade associations or business leagues as defined in Section 501(c) (6) of the Internal Revenue Code of 1954, as amended, or to one or more regularly organized and qualified charitable, educational, scientific or philanthropic organizations to be selected by the Board of Directors.
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