Disposal of surplus Assets

The surplus assets as shown in the final report of the liquidator of a society which has been wound up may either be divided with the previous sanction of Registrar amongst its members in such manner as may be prescribed or be devoted to any object or objects provided in the bye-laws of the society, if they specify that such a surplus shall be utilized for the particular purpose or may be utilized for both the purposed. Where the surplus is not so divided amongst the members and the society has no such bye-laws, the surplus shall vest in the Registrar, who shall hold it in trust and shall use it accordingly to his prudence in development of society.