Amendment status not verified — confirm the current text below against the official source.
Upon dissolution no member to receive profit – If upon the dissolution of any society, 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 member present personally of proxy at the time of the dissolution or in default thereof, by the court specified in Section 34: Provided that this section shall not apply to any society which shall have been founded or establishment by the contributions of share holders in the nature of Joint Stock Company.