Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsProperty remaining on dissolution
| 12. If upon the dissolution of the Corporation, there remains, after the satisfaction of all 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 the members of the Corporation at or immediately 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 situated. 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 purpose. |