Upon a dissolution no member to receive profit14. 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 share-holders in the nature of a joint-stock company.STATE AMENDMENTSSection 14Assam : After the words "some other society", insert "whether registered under this Act or not".
[Vide Assam Act 15 of 1948, w.e.f. 20-10-1948]Gujarat : Amend section 14 as under:"Notwithstanding anything contained in section 14 of the Societies Registration Act, 1860, hereinafter called 'the said Act' , it shall be lawful for the members of any society dissolved under section 13 of the said Act to determine by a majority of the votes of the members present personally or by proxy at the time of dissolution of such society that any property whatsoever remaining after the satisfaction of all its debts and liabilities shall be given to Government to be utilised for any of the purposes referred to in section 1 of the said Act."
[Vide Gujarat A.L.O. 1961 and Act 11 of 1960]Maharashtra : Amend section 14 as under:-"Notwithstanding anything contained in section 14 of the Societies Registration Act, 1860, hereinafter called 'the said Act' , it shall be lawful for the members of any society dissolved under section 13 of the said Act to determ
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