In the event of the dissolution or winding up of the Corporation, if there remains after the satisfaction of all its debts and liabilities and outgoings, any property whatsoever, such property shall not be distributed among the members of the Corporation but the same shall be given or transferred at the discretion of the Council to some institute or institutes having objects similar to the objects of the Corporation and which is or are by the rules thereof prohibited from distributing any income or property among its or their members. If such property or any part thereof cannot be disposed of in accordance with the foregoing provisions of this section such property or part thereof shall be applied to some charitable object which shall be determined by the Council of the Corporation.