State Act
54
Section 54. Disposal of surplus assets.
The Maharashtra Non-trading Corporations Act
Act no. 26 of 19591959In forceMaharashtra (State Act)
54. Disposal of surplus assets.— After all the liabilities including the paid-up share capital of a corporation which is dissolved have been met, the surplus assets shall not be divided amongst its members but they shall be devoted to any object or objects described in the articles of the corporation and when no object is so described to any object of public utility as the Registrar may direct.