Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsDisposal of property remaining on dissolution
| 12. If upon the dissolution of the Corporation, there remains, after satisfaction of all its debts and liabilities, any property whatsoever, such property shall not be distributed among the members of the Corporation, but shall be given or transferred to some other association or associations having objects similar to the objects of the Corporation, and which is or are by the rules thereof prohibited from distributing any income or property among its or their members. Such association or associations shall be determined by a majority vote of the members of the Corporation at a meeting of the Corporation held on or immediately before the date of dissolution of the Corporation or in default thereof, by a court within the local limits of whose jurisdiction the whole or any part of such property is held or situate upon an application made therefor by the Board of Management of the Corporation. |