(a) Prior to the transfer date and to the 1st day of each fiscal year thereafter, the Board of Regents and the Board of Directors shall each approve an annual contract which shall state all financial obligations, exchanges of services, and any other agreed relationships between the University and the Medical System Corporation for the ensuing fiscal year. The annual contract shall identify all services to be provided and the agreed cost of such services. (b) The annual contract will be developed by the Chief Executive Officer, the Dean of the School of Medicine, and other University officials as determined by the President. The annual contract will be submitted to the Board of Regents upon the recommendation of the President for consideration, modification, and approval. (c) The Board of Directors and Board of Regents may establish procedures for the approval of the annual contract. (d) If the University and the Medical System Corporation do not enter into an annual contract for any fiscal year, the annual contract for the previous year shall remain in force until another annual contract is approved.
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