Institute of Chartered Shipbrokers of Sri Lanka (Incorporation) Act 2024 · As enacted
17. Property remaining on dissolution
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
If upon the dissolution of the body corporate there remains after the satisfaction of all its debts and liabilities, any property whatsoever, such property shall not be distributed among the members of the body corporate, but shall be given or transferred to any other appropriate institution having objects similar to those of the body corporate, and which is by the rules thereof, prohibited from distributing any income or property among its members.
For the purposes of subsection (1) the appropriate institution shall be determined by the members of the body corporate with the approval of the Secretary to the Ministry of the Minister assigned the subject of Ports and Shipping and the Registrar of the Voluntary Social Services
Organization appointed under the Voluntary Social Services
Organization (Registration and Supervision) Act, No. 31 of 1980, immediately before the dissolution at a general meeting by the majority of votes of the members present.