Amendment status not verified — confirm the current text below against the official source.
(1) The Board may after holding an enquiry in such manner as may be prescribed, by order declare that the purpose of an institution has from the beginning been or has subsequently become impossible of realisation or that the machinery for effectuating the original purposes of the institution has failed or no longer exists, or that after satisfying adequately the purposes of the institution and after setting apart a sufficient sum for the repair and renovation of the buildings of the institution there is a surplus which is not required for such purposes and may by such order direct that the amount of the endowment or such surplus as is declared to be available, be appropriated to a religious, educational or charitable purpose not inconsistent with the objects of such institution: Provided that in the case of an institution founded and maintained by a community such surplus shall, as far as possible, be utilised for the benefit of the community for the purposes mentioned above. (2) It shall be competent to the Board when giving a direction under sub-section (1) to determine what portion of the surplus shall be retained as a reserve fund for the institution and to direct the remainder to be appropriated for the purposes specified in that sub-section. (3) The Board may at any time by order and in the manner provided in sub-section (1) modify or cancel an order passed under that sub-section. (4) The order of the Board under this section shall be published in the Gazette. The trustee or any other person having interest may within six months of the date of such publication institute a suit in the Court to modify or set aside such order. Subject to the result of such suit, the order of the Board shall be final and binding on the trustee and all persons having interest. (5) Any decision of the Court under this section may at any time for sufficient cause be modified or cancelled by the Court on an application made by the Board or the trustee or any person having interest but not otherwise.