(a)      (1)      The Council is a tax-exempt public body corporate and politic which operates as a cooperative planning and development agency in the region to foster the physical, economic, and social development of the region and utilizes effectively the assistance provided by the State.

            (2)      The Council initiates and coordinates plans and projects for the development of human and economic resources of the Lower Eastern Shore of Maryland region as a Lower Eastern Shore of Maryland planning and development agency.

      (b)      (1)      On the dissolution of the Council, the Council, after paying or making provision for the payment of all of the liabilities of the Council, shall dispose of all of the assets of the Council exclusively for the purposes of the Council in the manner, or to an organization organized and operated exclusively for charitable, educational, religious, or scientific purposes that qualifies as an exempt organization under § 501(c)(3) of the Internal Revenue Code, as the Council determines.

            (2)      The assets not disposed of shall be disposed of by the circuit court for the county in which the principal office of the Council is located, exclusively for the purposes of the Council or to the individual counties.