Section 91 in Tamil Nadu Non-Trading Companies Rules, 1981
91. Prohibition of distribution of assets of company licensed under section 25.
- If, upon winding up or dissolution of the Company Licensed under section 25, there remains, after the satisfaction of all the debts and liabilities, any property whatsoever the same shall not be distributed amongst the members of the company, but shall be given or transferred to such other company having objects similar to the objects of the company, to be determined by the members of the company at or before the time of dissolution or in default thereof, by the High Court of Judicature, Madras.
