After all the liabilities including the paid-up share capital of a corporation which is dissolved have been met, the surplus assets shall not be divided amongst its members but they shall be devoted to any object or objects described in the articles of the corporation and when no object is so described to any object of public utility as the Registrar may direct.
Section 54: Disposal of surplus assets
The Maharashtra Non-trading Corporations ActState Act of Maharashtra · Act 26 of 1959
Where this provision sits
| Act | The Maharashtra Non-trading Corporations Act |
|---|---|
| Section | 54 |
| Marginal note | Disposal of surplus assets |
| Jurisdiction | State of Maharashtra |
| Status | In force as published by the source |
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