Section 39 in Bengal Bonded Warehouse Association Act, 1838
39. Division of property on dissolution.-
And it is hereby enacted, that whenever the dissolution of the said Association shall be ordered either by the [Central Government] [Substituted for the words " Governor General of India in Council" by the A.O. 1937.], or by a vote of the said Association, the Directors of the said Association shall cause all the property of the said Association to be converted into money, and shall divide whatever surplus may remain after satisfying the debts of the said Association among the proprietors in proportion to the shares which the proprietors have in the Capital Stock of the said Association; and after such distribution the said Association shall forthwith be dissolved.
