SR Act 14
Section 14 · Upon a dissolution no member to receive profit. Proviso for Joint-stock Companies
Text size — level 1 of 4
If upon the dissolution of any society
registered under this Act there shall remain after the satisfaction of all its debts and liabilities any property
whatsoever, the same shall not be paid to or distributed among the members of the said society or any of
them, but shall be given to some other society, to be determined by the votes of not less than three-fifths
of the members present personally or by proxy at the time of the dissolution, or, in default thereof, by
such Court as aforesaid:
Clause not to apply to Joint-stock Companies.--Provided, however, that this clause shall not apply to any society which shall have been founded or established by the contributions of shareholders in the nature of a Joint-stock Company.
STATE AMENDMENT
Assam
Amendment of section 14 of Act XXI of 1860.-- In section 14 of the said Act, after the words "some other society," the words "whether registered under this Act or not," shall be inserted.
[Vide Assam Act 15 of 1948, s. 3]
Tripura
Amendment of Central Act XXI of 1860 by inserting a new section 14A--In its application to the Union territory of Tripura, after section 14 insert the following new section, namely--
14A. Disposal of property of a dissolved society.--Notwithstanding anything contained in section 14 it shall be lawful for the members of any society dissolved under section 13 to determine by a majority of the votes of the members present personally or by proxy at the time of the dissolution of such society that any property whatsoever remaining after the satisfaction of all the debts and liabilities shall be given to the Government of Tripura to be utilised for any of the purposes referred to in section 1.
[Vide Tripura Act 5 of 1969, s. 2]
Clause not to apply to Joint-stock Companies.--Provided, however, that this clause shall not apply to any society which shall have been founded or established by the contributions of shareholders in the nature of a Joint-stock Company.
STATE AMENDMENT
Assam
Amendment of section 14 of Act XXI of 1860.-- In section 14 of the said Act, after the words "some other society," the words "whether registered under this Act or not," shall be inserted.
[Vide Assam Act 15 of 1948, s. 3]
Tripura
Amendment of Central Act XXI of 1860 by inserting a new section 14A--In its application to the Union territory of Tripura, after section 14 insert the following new section, namely--
14A. Disposal of property of a dissolved society.--Notwithstanding anything contained in section 14 it shall be lawful for the members of any society dissolved under section 13 to determine by a majority of the votes of the members present personally or by proxy at the time of the dissolution of such society that any property whatsoever remaining after the satisfaction of all the debts and liabilities shall be given to the Government of Tripura to be utilised for any of the purposes referred to in section 1.
[Vide Tripura Act 5 of 1969, s. 2]
Your private note on this section
Only you can see this note.