§ 21-28-3-8 — Withdrawal, default, and termination

ARTICLE VII. WITHDRAWAL, DEFAULT,
AND TERMINATION. (a) Any compacting state may withdraw from
this Compact by enacting a statute repealing the Compact, but such
withdrawal shall not become effective until two (2) years after the
enactment of such statute. A withdrawing state shall be liable for any
obligations which it may have incurred on account of its party status up
to the effective date of withdrawal, except that if the withdrawing state
has specifically undertaken or committed itself to any performance of
an obligation extending beyond the effective date of withdrawal, it
shall remain liable to the extent of such obligation.
(b) If any compacting state shall at any time default in the
performance of any of its obligations, assumed or imposed, in
accordance with the provisions of this Compact, all rights, privileges,
and benefits conferred by this Compact or agreements hereunder shall
be suspended from the effective date of such default as fixed by the
Commission, and the Commission shall stipulate the conditions and
maximum time for compliance under which the defaulting state may
resume its regular status. Unless such default is remedied under the
stipulations and within the time period set forth by the Commission,
this Compact may be terminated with respect to such defaulting state
by affirmative vote of a majority of the other member states. Any such
defaulting state may be reinstated by performing all acts and
obligations as stipulated by the Commission.
[Pre-2007 Higher Education Recodification Citation:
20-12-73-9.]

Legislative History

As added by P.L.2-2007, SEC.269.