§ 10-179. Withdrawal from the Fund.

(a)

Any member may withdraw from the Risk Management Fund upon six (6) months' written notice to the Chairman, Risk Management Committee. The effective date of such withdrawal shall be at the close of the fiscal year ending no less than six (6) months after such notice has been made.

(b)

Upon withdrawal, the Risk Management Fund shall pay to the withdrawing member the sum of unexpended encumbered reserves, ninety percent (90%) of the unencumbered reserves and the interest earned with respect to such encumbered and unencumbered reserves.

(c)

Liability for incurred but unsettled claims at the date of withdrawal shall vest in the withdrawing member. The Risk Management Fund shall not be liable for any claim which arises after the date of withdrawal.

(d)

Payments made to a withdrawing member shall be subject to adjustment to reflect the actual account balances as determined by audit. Any deficiency owed by the withdrawing member or any account balance owed by the Risk Management Fund shall be paid within thirty (30) days after the final accounting of the Risk Management Fund is rendered.

(CB-31-1983)