Article Index

Article XIII – Dissolution

Section 1:  In the event that the PMI, Sioux Empire, South Dakota Chapter or its governing officers failed to act according to these bylaws, its policies or all PMI® policies, procedures, and rules outlined in the charter agreement, PMI® has a right to dissolve the PMI, Sioux Empire, South Dakota Chapter.

Section 2:  In the event the PMI, Sioux Empire, South Dakota Chapter failed to deliver value to its members as outlined in PMI, Sioux Empire, South Dakota Chapter’s business plan and without mitigated circumstance, the Component acknowledges that PMI® has a right to dissolve the PMI, Sioux Empire, South Dakota Chapter, as per the terms of the Charter.

Section 3:  In the event the PMI, Sioux Empire, South Dakota Chapter is considering dissolving, the PMI, Sioux Empire, South Dakota Chapter’s members of the Board of Director must notify PMI® in writing and follow the component dissolution procedure as defined in PMI®'s policy.

Section 4:  Should the PMI, Sioux Empire, South Dakota Chapter dissolve for any reason, its assets shall be dispersed to a charitable organization designated by the voting membership after the payment of just, reasonable and supported debts, consistent with applicable legal requirements.