PorkerPoke
Well-known member
The Friday May 30 update can be best summarized by Chris Murray the Nevada sportswriter:
Why Sunday June 1 is a key day
Pay particular attention to this sentence:
“It also comes with a non-refundable $5,000 wire-transfer payment.”
There is not a ACH wire transfer option on weekends after the banks end the process long before the day is over M-F unless already queued in the system so the recipient knows it’s in the system and the MWC decides a June 2 payment receipt is acceptable. A western union money gram could count but if it involves a bank account it will be slower than an ACH. This has to have been resolved earlier today (5-30) or it would mean the MWC has agreed to negotiate the exit process.
The MWC resignation process:
1.04 Resignation.
(a) Any Member Institution may resign from membership in the Conference (such resigning Member Institution, the “Resigning Member”) June 30th of each year (the “Effective Date”) by delivering (i) written notice (the “Exit Notice”) to the Conference and the other MemberInstitutions on or before June 1st of the preceding year (the “Resignation Deadline”) and (ii) a non-refundable $5,000 payment by wire transfer of immediately available funds to an account specified by the Conference (the “Exit Deposit” and, together with the Exit Notice, the “Notice of Resignation”) that will be applied to the Exit Fee (as defined below). Both the Exit Notice and the Exit Deposit must be received for the Notice of Resignation to become effective. The period
from the date the Resigning Member delivers the Notice of Resignation (such date, the “Resignation Date”) through the Effective Date is referred to herein as the “Interim Period.” The resignation of a Member Institution does not relieve the such Resigning Member Institution from any obligations such Resigning Member Institution may have to the Conference as a result of obligations incurred or commitments made prior to the Effective Date. (Revised June 2011, April 2021, December 2023)
Effective April 30, 2021 and thereafter any notice of resignation given by any Member shall be subject to the Notice Date referenced in subparagraph (a) above and the following: the resigning Member shall pay to the Conference as an Exit Fee an amount equal to three times the average per Member Conference distribution payment for the preceding year. (the “Timely Notice Exit Fee”) If the resigning member gives notice after the established “Notice Date”, the resigning Member shall pay to the Conference as an Exit Fee an amount equal to double the Timely Notice Exit Fee. After receiving Notice of Resignation from a Member, all payments due that Member from the Conference shall be withheld and applied to that Member’s Exit Fee.
The balance of the Member’s Exit Fee as provided above, shall be paid by the Member to the Conference on or before the Effective Date. (Revised June 2011, January 2013, July 2016, April 2021)
A resigning Member shall play all athletic competitions included in the Conference schedules until the Effective Date of the resignation.
(d) On the Notice Date a director appointed by a resigning Member shall be deemed to have resigned as a director effective on the Notice Date.
(e) During the Interim Period, (i) the Board of Directors shall be deemed to be reduced by the number of resigning Members and shall be fully empowered to act, as then constituted, to manage the business and affairs of the Conference; and a resigning Member shall be neither obligated nor entitled to appoint a representative to the Board of Directors.
Why Sunday June 1 is a key day
Pay particular attention to this sentence:
“It also comes with a non-refundable $5,000 wire-transfer payment.”
There is not a ACH wire transfer option on weekends after the banks end the process long before the day is over M-F unless already queued in the system so the recipient knows it’s in the system and the MWC decides a June 2 payment receipt is acceptable. A western union money gram could count but if it involves a bank account it will be slower than an ACH. This has to have been resolved earlier today (5-30) or it would mean the MWC has agreed to negotiate the exit process.
The MWC resignation process:
1.04 Resignation.
(a) Any Member Institution may resign from membership in the Conference (such resigning Member Institution, the “Resigning Member”) June 30th of each year (the “Effective Date”) by delivering (i) written notice (the “Exit Notice”) to the Conference and the other MemberInstitutions on or before June 1st of the preceding year (the “Resignation Deadline”) and (ii) a non-refundable $5,000 payment by wire transfer of immediately available funds to an account specified by the Conference (the “Exit Deposit” and, together with the Exit Notice, the “Notice of Resignation”) that will be applied to the Exit Fee (as defined below). Both the Exit Notice and the Exit Deposit must be received for the Notice of Resignation to become effective. The period
from the date the Resigning Member delivers the Notice of Resignation (such date, the “Resignation Date”) through the Effective Date is referred to herein as the “Interim Period.” The resignation of a Member Institution does not relieve the such Resigning Member Institution from any obligations such Resigning Member Institution may have to the Conference as a result of obligations incurred or commitments made prior to the Effective Date. (Revised June 2011, April 2021, December 2023)
Effective April 30, 2021 and thereafter any notice of resignation given by any Member shall be subject to the Notice Date referenced in subparagraph (a) above and the following: the resigning Member shall pay to the Conference as an Exit Fee an amount equal to three times the average per Member Conference distribution payment for the preceding year. (the “Timely Notice Exit Fee”) If the resigning member gives notice after the established “Notice Date”, the resigning Member shall pay to the Conference as an Exit Fee an amount equal to double the Timely Notice Exit Fee. After receiving Notice of Resignation from a Member, all payments due that Member from the Conference shall be withheld and applied to that Member’s Exit Fee.
The balance of the Member’s Exit Fee as provided above, shall be paid by the Member to the Conference on or before the Effective Date. (Revised June 2011, January 2013, July 2016, April 2021)
A resigning Member shall play all athletic competitions included in the Conference schedules until the Effective Date of the resignation.
(d) On the Notice Date a director appointed by a resigning Member shall be deemed to have resigned as a director effective on the Notice Date.
(e) During the Interim Period, (i) the Board of Directors shall be deemed to be reduced by the number of resigning Members and shall be fully empowered to act, as then constituted, to manage the business and affairs of the Conference; and a resigning Member shall be neither obligated nor entitled to appoint a representative to the Board of Directors.
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