Cap. 442 Art. 100Dissolution order.

(1) If the Board, after holding an inquiry under article 14, is of the opinion that such society ought to be dissolved, it may issue a dissolution order, dissolving the society. In taking its decision, the Board shall consider the interests of the members, creditors and employees of the said society.

(2) The Board shall, on receipt of a resolution passed by a three-fourths majority, or such other higher majority as may be stipulated in the statute, of the members of a society present and voting at an extraordinary general meeting convened for the purpose of dissolving the said society, issue a dissolution order: Provided that where the statute of a society requires that a resolution for the dissolution of a society be confirmed at a second and subsequent general meeting, the Board shall only issue such order if the resolution is so confirmed.

(3) The Board may, on its own motion, make a dissolution order in respect of a society which has become insolvent, or has not commenced operations or has ceased to operate or the membership of which is reduced to less than the minimum membership required by article 22.

(4) When making a dissolution order under subarticle (1), (2) or (3), the Board shall appoint a liquidator for the purposes of winding up the affairs of the society.

(5) The liquidator shall be appointed from amongst persons who have, for at least five consecutive years, held a warrant to practise as a Certified Public Accountant (CPA) or as a Certified Public Accountant and Auditor (CPAA), not being a person who has served as an officer, accountant or auditor of the society, at any time during the five years prior to the date of the dissolution order.

(6) A person shall be disqualified from appointment as liquidator in the same cases, mutatis mutandis, in which under article 46 he would be disqualified to be appointed as auditor.

(7) Upon the appointment of a liquidator by the Board, all be required for the beneficial winding up thereof.

(9) The costs of the liquidation, including the remuneration of the liquidator, shall be payable out of the assets of the society in priority to all other claims.

(10) As soon as a liquidation is started, the Board shall determine whether the assets of the society in liquidation are sufficient to cover all the costs of the liquidation, including the remuneration of the liquidator. If the assets of the society are not sufficient for the above purposes, these costs, and these costs only, shall be payable by the members of the committee of management or by all the members of the society, as the Board may determine in each particular case.

(11) The Board shall, as soon as possible, cause a notice to be published in the Gazette, giving the general particulars of any dissolution order issued by it under this article.