16. Property remaining on dissolution

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

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.

(2)

For the purposes of subsection (1), the appropriate institution to which any property remains after the satisfaction of all the debts and liabilities of the body corporate to be transferred shall be determined by the members of the body corporate with the approval of the

Registrar of the Voluntary Social Service Organizations appointed under Voluntary Social Service Organizations

(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.

Read on from s 17