Section 2. The conveyance shall be to the above named grantees as tenants in common, and shall be consummated and recorded only after all of the named grantees, within a period of nine months after approval of this act, have entered into and adopted a jointly binding agreement, under the provisions of the act of July 12, 1972 (P.L.762, No.180) entitled, "An act relating to intergovernmental cooperation," establishing a Joint Advisory Board and defining its authorities and functions, for the development, operation and maintenance of the one hundred (100) acre regional recreation area, under authority of an ordinance or resolution, as appropriate, for the development, maintenance, and operation of the regional recreation area, together with facilities.