\nAny contract or agreement establishing an undertaking shall specify:\n(1) The purpose or purposes of the contract or agreement;\n(2) The duration of the agreement;\n(3) If a joint agency is established, its composition, organization, and nature, together with the powers conferred on it;\n(4) The manner of appointing the personnel necessary to the execution of the undertaking;\n(5) The method of financing the undertaking, including the apportionment of costs and revenues;\n(6) The formula for ownership of real property involved in the undertaking, and procedures for the disposition of such property when the contract or agreement expires or is terminated;\n(7) Methods for amending the contract or agreement;\n(8) Methods for terminating the contract or agreement;\n(9) Any other necessary or proper matter. (1971, c. 698, s. 1.)
North Carolina Legal Code