CHAPTER X - DISSOLUTION AND LIQUIDATION
This document and/or information was originally written in Spanish, the official language of Uruguay, the country where LACNIC is legally incorporated and whose laws and regulations govern the organization. Likewise, unofficial information and/or documents are also written in Spanish, as this is the language in which most of LACNIC's advisors and officers work and communicate. We do our best to ensure that our translations are reliable and serve as a guide for our non-Spanish-speaking members. However, discrepancies may exist between the translations and the original document and/or information written in Spanish. In such cases, the original text written in Spanish will always prevail.
The Assembly may not decree the dissolution of LACNIC as long as there is a number of members willing to support the organization and ensure the proper functioning of the organization's internal bodies. Should dissolution become effective, liquidators shall be appointed. These liquidators may be the Board itself or any other member committee that the Assembly may appoint. The Fiscal Commission shall oversee the operations for the liquidation of LACNIC. Once debts are paid in full, the remaining assets shall be assigned to a legally incorporated charity domiciled in the country and exempted from all national, state, and municipal taxes. The recipient of such remaining assets shall be designated by the Assembly deciding the dissolution.
*Article modified by the Member Assembly held on 29 May 2008.
TRANSITIONAL PROVISION (To be applied because of the inclusion of two additional Directors approved by the Extraordinary Member Assembly held in May 2022):
Once the Regulations on Candidate Competencies and Suitability have been published, the vacant positions on the Board of Directors created by this modification of the Bylaws shall be filled one per election in those years when two positions on the Board are up for election (not considering permanent vacancies as mentioned in Article 21).