(a)      The Council is a tax-exempt public body corporate and politic which operates as a cooperative planning and development agency within the area to foster the physical, economic and social development of the area and utilizes effectively the assistance provided by the State. It initiates and coordinates plans and projects for the development of human and economic resources of the southern Maryland region as a southern Maryland planning and development agency.

      (b)      Upon 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 such manner, or to such organization or organizations organized and operated exclusively for charitable, educational, religious, or scientific purposes as at the time shall qualify as an exempt organization or organizations under § 501(c)(3) of the Internal Revenue Code (or the corresponding provision of any future United States internal revenue law), as the Council determines. Any such assets not so 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 such purposes or to such organization or organizations, as the court determines, which are organized and operated exclusively for such purposes.