Section 67 in The Assam Co-operative Societies Act, 1949
67. Distribution of fund of dissolved society.
- On dissolution of a society the reserved fund and any undisbursed cash in hand shall be applied to discharing liabilities of the society and the repayment of the share capital. Any sum that may remain may be applied to such object of local and public utility as may be elected by the members of the dissolved society and approved by the Registrar. If within three months of the notice published in the Official Gazette under Section 68, notifying the closing of the liquidation proceedings of the society, the members fail to select any object as aforesaid the Registrar shall, with the approval of the Government, apply the fund to such local public utility as may be determined by him or credit the remaining sum to the reserve fund of a society, to be formed to replace the dissolved society or if there be no such society to any other deserving society existing within the same area of operation and having objects similar to those of the dissolved society or if there be no such society to any other registered society in Assam as may be determined by the Registrar.
