626l

(a) A committee may not be terminated or dissolved until the treasurer files, with the Office of the Election Comptroller, a statement, under penalty of contempt, indicating that the committee is no longer receiving contributions or making disbursements and has no outstanding debts or obligations.(b) None of the foregoing shall preclude the authority of the Office of the Election Comptroller to establish, by regulations, procedures to:(1) Determine and declare that a committee is insolvent;(2) orderly liquidate an insolvent committee and use its assets to reduce the outstanding debts or obligations thereof;(3) terminate an insolvent committee after liquidating its assets and applying such assets to the outstanding debts or obligations thereof, and(4) dispose of any campaign surpluses, acquired equipment, and any other existing property. History —Nov. 18, 2011, No. 222, § 7.012; renumbered as § 6.012 and amended on Dec. 19, 2014, No. 233, § 43.