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Page 19 of 23
- 53 Every Member of the Association undertakes to contribute to the assets of the Association, in the event of the same being wound up while she is a Member, or within one year after she ceases to be a Member, for payment of the debts and liabilities of the Association contracted before she ceases to be a Member and of the costs, charges and expenses of winding up such amount as may be required.
- 54 If upon the winding up or dissolution of the Association there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid or distributed among the Members of the Association, but shall be given or transferred to a charitable body or bodies having objects similar to the objects of the Association, and which shall prohibit the distribution of its or their income and property among its or their members to an extent at least as great as is imposed on the Association under or by virtue of the Rules, such body or bodies to be determined by the Members of the Association at or before the time of dissolution, and if so far as effect cannot be given to such provision, then to some other charitable body.
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