Compacts entered into under the provisions of this subchapter shall:
(1) Be in writing and specify the effective date thereof, the duration thereof, and provisions for termination of the compact, if any, desired by the compacting school districts;
(2) Include a description of the buildings, facilities, equipment, teachers, or other educational facilities or opportunities to be shared or provided under the compact agreement;
(3) Prescribe the method of financing the compact agreement, including the charges or allowances of each participating school district, the method of apportioning such finances, and such other requirements as may be necessary to establish the financial rights and obligations of each participating school district under the compact;
(4) Specify the rights and obligations of each school district upon termination of the compact agreement or upon withdrawal of any member school district from the compact agreement;
(5)
(A) Provide for the administration of the compact agreement by a compact board consisting of the president and secretary of each member school district and such additional members as the compact agreement may provide.
(B) All members of the compact board shall be members of the boards of directors of the participating compact school districts; and
(6) Contain such other provisions or limitations not inconsistent with this subchapter as may be necessary to accomplish the purpose of the compact agreement.