45Distribution of property on winding up

45 Distribution of property on winding up

45 Distribution of property on winding up

(1) Subject to the Act and the Regulation, in a winding up of the association, the surplus property of the association must be transferred to another organisation—

(a) with similar objects, and

(b) which is not carried on for the profit or gain of the organisation’s members.

(2) In this clause—

surplus property has the same meaning as in the Act, section 65.