14Upon a dissolution no member to receive profit. Proviso for Joint-stock Companies

If upon the dissolution of any society registered under this Act 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 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:

Clause not to apply to Joint-stock Companies.--Provided, however, that this clause 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.

STATE AMENDMENT

Assam

Amendment of section 14 of Act XXI of 1860.-- In section 14 of the said Act, after the words "some other society," the words "whether registered under this Act or not," shall be inserted.

[Vide Assam Act 15 of 1948, s. 3]

Tripura

Amendment of Central Act XXI of 1860 by inserting a new section 14A--In its application to the Union territory of Tripura, after section 14 insert the following new section, namely--

14A. Disposal of property of a dissolved society.--Notwithstanding anything contained in section 14 it shall be lawful for the members of any society dissolved under section 13 to determine by a majority of the votes of the members present personally or by proxy at the time of the dissolution of such society that any property whatsoever remaining after the satisfaction of all the debts and liabilities shall be given to the Government of Tripura to be utilised for any of the purposes referred to in section 1.

[Vide Tripura Act 5 of 1969, s. 2]