Disposal of surplus assets.

After all the liabilities including the paid up share capital of a cancelled society have been met, the surplus assets shall not be divided amongst its members but they shall be devoted to any object or objects described in the bye-laws of the society and when no object is so described to any object of public utility, determined by the general meeting of the society and in case of failure of the general meeting to determine the aforesaid object within the prescribed period, they may be assigned by the Registrar either in whole or in part to any or all of the following:- (a) an object of public utility of local interest including co-operative education fund; (b) a charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890 (5 of 1890); (c) financing bank until such time as a new society with similar object is registered in the same or neighbouring area when with the consent of the Registrar such surplus may be credited to the reserve fund of such new society.