Section 1. In the event that the PMI-SNC 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-SNC.
Section 2. In the event the PMI-SNC failed to deliver value to its members as outlined in PMI-SNC business plan and without mitigated circumstance, the Component acknowledges that PMI® has a right to dissolve the PMI-SNC, as per the terms of the Charter.
Section 3. In the event the PMI-SNC is considering dissolving, the PMI-SNC 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-SNC 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.
Section 5. Unless superseded by law, dissolution of the PMI-SNC chapter entity must be approved by a majority of the members voting on the motion to dissolve.