Dissolution asset restriction: residual property must not be distributed to members and must pass to another society. Upon dissolution of a registered society, any remaining property after satisfaction of debts must not be distributed to members but transferred to another ... Summary
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Dissolution asset restriction: residual property must not be distributed to members and must pass to another society.
Upon dissolution of a registered society, any remaining property after satisfaction of debts must not be distributed to members but transferred to another society chosen by a resolution of members present personally or by proxy, or, failing that, determined by the court; societies founded as joint-stock companies are exempt from this prohibition.
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