Distribution of surplus assets
33 Distribution of surplus assets
Where, upon the winding up of an incorporated association, a resolution relating to the distribution of the surplus assets of the association has been passed by a majority of at least two-thirds of the members of the association, the Court shall, subject to subsection (2), make an order for the distribution of those assets in accordance with the resolution.
Where – the Court considers that a distribution of the surplus assets of an incorporated association in accordance with a resolution of a kind referred to in subsection (1) would not be just; or such a resolution has not been passed – the Court shall make such order for the distribution of those assets as, having regard to the objects and purposes of the association being wound up, it considers just.
In this section – Court means the Supreme Court; surplus assets means the assets of an incorporated association remaining on the winding up of the association after payment of the debts and liabilities of the association and the costs, charges, and expenses of the winding up.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.