Section 57Part 7 — Dissolution of Registered Society other than Credit Union
Closure of liquidation
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In the liquidation of a society whose registration has been cancelled, the funds, including the reserve fund, shall be applied first to the costs of liquidation, then to the discharge of the liabilities of the society, then to the payment of the share capital and then, provided the rules of the society permit to the payment of a dividend at a rate not exceeding ten per cent per annum for any period for which no disposal of profits was made.
When the liquidation of a society has been closed and any creditor of that society has not claimed or received what is due to that creditor under the scheme of distribution, notice of the closing of the liquidation shall be published in the Gazette and all claims against the funds of the society liquidated shall be barred when two years have elapsed from the date of such publication.
Any surplus remaining after the application of the funds to the purposes specified in subsection (1) shall not be divided among the members but such surplus shall be devoted to any purpose specified in the rules of the society whose registration has been cancelled, and where no purpose is so specified, shall be devoted by the Registrar to such cooperative purpose as may be decided by the Registrar in consultation with the members of the society whose registration has been cancelled.