Sec. 5. An agreement: (1) must provide for the following: (A) Its duration. (B) Its purpose. (C) The manner of: (i) financing, staffing, and supplying the joint undertaking; and (ii) establishing and maintaining a budget for the joint undertaking. (D) The methods that may be employed to: (i) accomplish the partial or complete termination of the agreement; and (ii) dispose of property upon partial or complete termination. (E) Administration through a separate legal entity. (F) With respect to a separate legal entity: (i) the nature; (ii) the organization; (iii) the composition; and (iv) the powers; of the separate legal entity; and (2) may provide for any other appropriate matters. [Pre-2007 Higher Education Recodification Citation: 20-12-65-4(a).]
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