Disposal of assets

Corporate202563 sections14 chapters

Chapter XII SUSPENSION, CANCELLATION AND DISSOLUTION

Statutory text

(1) Notwithstanding anything contained in section 36, after the settlement of claims and liabilities of society, where any surplus assets are left, such assets shall not be paid to or distributed amongst the members of the society, but shall be taken over and vest in the Government: Provided that in case of a housing society or a resident welfare association is registered as a society, the operation, management and maintenance of facilities for the residents or civic amenities of any defined area, the successor-in-interest shall step in the shoes of original member, subject to fulfilment of qualifications as laid down in the bye-laws of the society and the provisions of this Regulation.
(2) The Government shall place such assets at the disposal of the District Collector, who may,––
- (i) in the first instance identify any other society in operation with identical aims and objects and transfer such assets to such society;
- (ii) use such assets, preferably for the purpose for which such assets were created; or
- (iii) for any other public purpose, as deemed appropriate.
(3) The records of accounts shall be maintained for a period of three years from the date of dissolution and in case any matter pertaining to any such society is pending before any court, such records shall be maintained till the final disposal of such matter by the competent court.

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