Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsDisposal of property of the corporation left after the payment of debts upon dissolution of the corporation
| 10. If upon the dissolution of the corporation there remains, after the satisfaction of all its debts and liabilities, any property (including money), such property shall not be distributed among the members of the corporation, but shall be transferred to some other institution or institutions which has or have objects similar to the objects of the corporation and which is or are by rules or articles of association or otherwise prohibited from distributing its or their income and property amongst its or their members to an extent at least as great as is imposed on the corporation by this Act. Such institution or institutions shall be determined by the members of the corporation at or before the time of the dissolution of the corporation or, in default thereof, by a court within the local limits of whose civil jurisdiction the whole or any part of such property is held or situate. If such property or any part thereof cannot be disposed of in accordance with the provisions of this section, such property or part shall be applied to some charitable object. |