1. Termination process. The committee of jurisdiction may recommend to the Legislature that any independent agency be terminated if indicated or warranted by the committee's review, analysis and evaluation of the independent agency. An independent agency may be accorded a grace period of not more than one year from the effective date of the legislation approving termination in which to complete its business. During the grace period, the statutory powers and duties of the independent agency are not limited or reduced. [PL 1995, c. 488, §2 (NEW).] 2. Disposition of property, funds and records. During the grace period, the Legislature shall determine the disposition of: A. All property, including any land, buildings, equipment and supplies used by the independent agency; [PL 1995, c. 488, §2 (NEW).] B. All funds remaining in any account of the independent agency; and [PL 1995, c. 488, §2 (NEW).] C. All records resulting from the activities of the independent agency. [PL 1995, c. 488, §2 (NEW).] [PL 1995, c. 488, §2 (NEW).] 3. Expiration of grace period. Upon the expiration of the grace period, the independent agency shall cease its activities and terminate. [PL 1995, c. 488, §2 (NEW).]
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