Disposal of surplus assets.

Surplus assets as shown in the final report of the liquidator of a society which has been wound up shall be utilized for such purposes as may be specified in the bye-laws. Where the society has no such bye-laws, the surplus assets shall vest in the Registrar who shall hold it in trust and shall transfer it to the reserve funds of a society registered with a similar object and serving more or less an area which the society to which the surplus belonged was serving.