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LITERARY AND SCIENTIFIC INSTITUTIONS ACT 1854 - SECT 30

Application of surplus upon a dissolution.

30. If upon the dissolution of any institution 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
institution or any of them, but shall be given to some other institution, to
be determined by the members at the time of the dissolution, or in default
thereof by the judge of the county court aforesaid: Provided, however, that
this clause shall not apply to any institution which shall have been founded
or established by the contributions of shareholders in the nature of a joint
stock company.


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© 1854 Crown Copyright

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