(a) This chapter shall become effective at such time as it is adopted in substantially similar form by this state and one or more other states, subject to the following conditions:
(1) The entry into the compact shall be made by resolution executed and ratified by authorized officials of the applying state and submitted to the chairperson of the board of contract administrators.
(2) The resolution shall substantially be in the form and content as provided in the compact manual, and shall include all of the following:
(A) A citation of the authority authorizing the state to become a party to this compact.
(B) An agreement to comply with the terms and provisions of this compact.
(C) An agreement that the state entering into the compact agrees to participate with all participating states in the compact.
(b) The effective date of entry into the compact shall be specified by the applying state but shall not be less than 60 days after notice has been given by either the chairperson or secretary of the board to each participating state that the resolution from the applying state has been received.
(c) A participating state may withdraw from participation in this compact by giving written notice to the compact administrator of each participating state. The withdrawal shall not become effective until 90 days from the date on which the written notice of withdrawal is sent to each participating state. The withdrawal of any state shall not affect the validity of this compact as to the remaining participating states.