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2.104.030 Term of existence.
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The charter of the public corporation shall establish the character or term of its existence. The charter may provide:

A. The public corporation shall have perpetual existence;

B. The public corporation shall exist for a stated period of years, until a fixed expiration date, or during a set time period; or

C. The public corporation shall cease to exist upon the occurrence of certain events or upon an expiration date measured from such events; or

The charter may combine any term or condition set forth in subsection B with that set forth in subsection C. Should the charter fail to set forth the character or term of the public corporation’s existence, the existence of the public corporation shall expire five years after the date of the issuance of its charter. (Ord. 1016-84 § .030, 1984.)