As enactedVersion · As enacted
8. Corporation to be non-profit making body
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(1)
The Corporation shall be organized and operated as a non profit organization and no part or the gains, profits or dividends if any of the Corporation shall be distributed among the members of the Corporation.
(2)
In the case of dissolution of the Corporation all the assets remaining after payment of all debts and liabilities thereof shall be transferred to an organization established or organize exclusively for charitable, religious or cultural purposes.