Amendment status not verified — confirm the current text below against the official source.
The surplus assets, as shown in the final report of the Liquidator of a society which has been would up, may either be divided by the Registrar, with the previous sanction of the Government, amongst its members in such manner as may be prescribed, or be devoted to any object or objects provided in the bye-laws of the society, if they specify that such a surplus shall be utilised for the particular purpose, or may be utilised for both the purpose. When the surplus is not so divided amongst the members and the society has no such bye-law, the surplus shall vest in the Registrar who shall hold it in trust and shall transfer it to the reserve fund of a new society registered with a similar object, and serving more or less an area which the society to which the surplus belonged was serving; Provided that where no such society exists or is registered within three years of the cancellation of the registration of the society whose surplus is vested in the Registrar, the Registrar may distribute the surplus, in the manner he thinks best, among any or all of the following :_ (a) an object of public utility and of local interest as may be recommended by the members in the general meeting held under section 112; (b) a federal society with similar objects to which the cancelled society was eligible for affiliation or, where no federal society exists, any other society which may be notified in this behalf by the Government; and (c) any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890 CHAPTER XI Disposal of surplus assets 5 of 1890 62 INSURED CO-OPERATIVE BANKS