Section 24 in Travancore-Cochin Literary, Scientific and Charitable Societies Registration Act, 1955
24. Upon a dissolution no member to receive profit.
- If upon the dissolution of any society, 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 the State Government] upon such terms and conditions as may be mutually agreed upon or to some other society which has for its object the furtherance of aims similar, as near as may be, to be objects of the dissolved 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:Provided, however, that this section shall not apply to any society which shall have been founded or established by the contributions of share-holders in the nature of joint stock company.
