Article 21. ALTERATION OF THE ARTICLES, TERMINATION
- A proposal to alter the Articles or to terminate the Association can only be adopted by a majority of two thirds of the votes cast at the Annual General Assembly or a specially convened General Assembly at which not less than three quarters of the members are present or represented.
If the number of Full members present or represented at the relevant meeting, concerning the termination of the association, does not constitute a quorum, a subsequent meeting may adopt a valid proposal on the same subject irrespective of the number of members present or represented, provided this meeting is held no sooner than two and no later than six weeks after the meeting for which there was no quorum and provided proposals are adopted by the majority of votes required for that proposal.
- The parties convening the General Assembly for consideration of a proposal to alter the Articles or to terminate the Association shall place a copy of the proposal incorporating the proposed alteration verbatim in a suitable place for members' inspection at least 3 weeks prior until the end of the day the meeting is held.
- An alteration of the Articles shall not come into effect until a notarized deed containing the alteration has been drawn up. Every Director shall be independently authorized to sign this instrument.
- Following a decision to terminate the Association, the Board shall be responsible for its liquidation.
- Any surplus following liquidation shall accrue in equal shares to those persons that were full members at the time the proposal to wind up the Association was adopted. The proposal to terminate the Association may consider the surplus for a different purpose.
- Members shall at no time be liable for any deficit.