An agreement:

1. (1) must provide for the following:

   1. (A) Its duration.
   2. (B) Its purpose.

   3. (C) The manner of:

      1. (i) financing, staffing, and supplying the joint undertaking; and
      2. (ii) establishing and maintaining a budget for the joint undertaking.

   4. (D) The methods that may be employed to:

      1. (i) accomplish the partial or complete termination of the agreement; and
      2. (ii) dispose of property upon partial or complete termination.
   5. (E) Administration through a separate legal entity.

   6. (F) With respect to a separate legal entity:

      1. (i) the nature;
      2. (ii) the organization;
      3. (iii) the composition; and

      4. (iv) the powers;

         of the separate legal entity; and

2. (2) may provide for any other appropriate matters.

   [Pre-2007 Higher Education Recodification Citation: 20-12-65-4(a).]

As added by P.L.2-2007, SEC.269.