MCMJIF Bylaws
12.01 If the Fund commissioners deem it in the best interest of the members to dissolve the Fund they shall by majority vote direct that a written plan of dissolution be prepared.
12.02 The plan of dissolution must provide for the payment of all incurred losses of the Fund and its members, including all incurred but not reported losses, as certified by an actuary, before any assets of the Fund or the Trust Fund accounts may be used for any other purpose. The plan shall also contain a statement of the Fund’s current financial condition computed both on a statutory basis and accounting principles as attested to by an independent certified public accountant.
12.03 Upon completion of the plan, the Chairperson shall call a general meeting of all Fund commissioners who shall review the plan and make any appropriate amendments. By majority vote, the Fund commissioners may recommend to the members that the Fund be dissolved in accordance with the plan of dissolution.
12.04 A majority of the governing bodies of the members must, by resolution, vote to accept the plan of dissolution in order to dissolve the Fund.
12.05 The plan of dissolution and other such information as may be required, must be filed with, and approved in writing by, the Commissioner of the Department and the Commissioner of the Department of Community Affairs. The plan shall be filed not later than ninety (90) days prior to the effective date of dissolution.
