Section 42 in Tamil Nadu Societies Registration Act, 1975
42. On dissolution, no member to receive profit.
- If, upon the dissolution of any registered 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 some other registered society or to any association of persons having the same objects or objects similar to those of such registered society, to be determined by a special resolution or in default thereof by the court :Provided that this section 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.
