Effect of dissolution.

(1) If the Government orders dissolution, it shall, after settling the liabilities, if any, of the dissolved Society, take over its assets and properties, whether movable or immovable and transfer the same to any other Society having identical or similar objects, and where there is no such Society, the property shall vest in the custody of District Collector, until a Society having identical or similar objects is formed, where after the properties shall be transferred to such Society. (2) On the dissolution of a Society, the registration of the Society shall stand cancelled and it shall cease to exist as a body corporate.