Malaysia legislation
Section 37
Section 37
Where a registered society is terminated by an instrument of dissolution, the following provisions shall apply: (a) the instrument shall set forth—
(a)
the instrument shall set forth—
(i)
the liabilities and assets of the registered society in detail;
(ii)
the number of members and subscribers and the nature of their interests in the society; and
(iii)
the intended appropriation or division of the funds and property of the society, unless the appropriation or division is stated in the instrument of dissolution to be left to the award of the Registrar;
(b)
a statutory declaration made by one of the trustees or by three members and the secretary of the society that the provisions of this Act have been complied with shall be sent to the Registrar with the instrument of dissolutions;
(c)
the instrument shall not direct or contain any provision for a division or appropriation of the funds of the society or any part thereof, otherwise than for the purpose of carrying into effect the objects of the society as declared in the rules thereof, unless the claim of every member or person claiming any relief, annuity or other benefit from the funds thereof is first duly satisfied or adequate provision is made for satisfying those claims;
(d)
the instrument of dissolution shall be registered in the manner in this Act provided for the registration of amendments of rules, and shall be binding upon all members of the society; and
(e)
the Registrar shall cause the dissolution to be published in the Gazette and if within three months from the date of such publication in the Gazette, a member or subscriber or other person interested in or having any claim on the funds of the society does not commence any proceedings to set aside the dissolution of the society, and the dissolution is not thereby set aside, the society shall be deemed to have been dissolved from the date of such publication in the Gazette; and the requisite consents in the instrument of dissolution shall be deemed to have been duly obtained without proof of the signatures thereto.