Said township and city may by agreement organize a fire department or company. The agreement shall provide the rules and regulations governing the fire department or company and such other matters as may be necessary to fully set out the duties and responsibilities of the parties. Such agreement may be amended, changed or added to by mutual agreement from time to time, and such agreement shall continue until one party adopts a resolution or an ordinance declaring its intention to carry out such agreement no longer. When an agreement is dissolved, one party may pay the other for its share of the equipment or apparatus or the apparatus may be sold. Any money in the treasury shall be divided pro rata as it was paid in. No election shall be required to authorize the township and city to enter into such agreement, but the township board and governing body of the city shall have the power to decide whether to enter into such agreement.