The Conference further contends that theCouncilofPresidents concluded that the sum of three times the annual operating budget was fair and reasonable in light ofthe potential financial harm resulting from the withdrawal.
In early September, 2012, theCouncilofPresidentsofthe ACC member institutions voted in favor of provisions requiring payment of an exit fee by member schools wishing to withdraw from the Conference, which was effective immediately upon the vote in affirmation by thepresidents.