Amendment status not verified — confirm the current text below against the official source.
Distribution of fund of a dissolved society: On dissolution of a society the reserved fund and any undisbursed cash in hand shall be applied to discharging liabilities of the society and the repayment of the share capital. Any sum that may remain maybe applied to such object of local d public utility as may he selected by the members of the dissolved society and approved by the Registrar. If, within three months of the notice published in the Official Gazette under Section 95, notifying the closing of the liquidation proceedings of the society, the members fail to select any object as aforesaid, the Registrar shall, with the approval of the Government, applying the fund to such local public utility as may be determine by him/her or credit the remaining some to the reserve fund of a society to be formed to replace the dissolvedthe society or if there be no such society to any other disserving society existing within the same area of operation and having objectives similar to those of the dissolved society or if there be no such society to any other registered society in Nagaland as may be determined by the Registrar.