Section 66. Disposal of surplus assets

After all the liabilities including the paid up share capital of the cancelled society 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 bye-laws of the society and when no object is so described, to any object of public utility determined by the general body of the society and approved by the Registrar or where the general body has determined no such objectives, they shall be assigned by the Registrar in whole or in part to any or all of the following, namely :- (a) an object to public utility; (b) a charitable purpose, as defined in section 2 of the Charitable Endowments Act, 1890 (Central Act 6 of 1890); (c) for development of Co-operative movement in the State and for official development of infrastructure to render better services to the co-operative societies; or may be placed in deposit with the financing bank until such time as a new society with similar objectives is registered when, with the consent of the Registrar, such surplus may be credited to the reserve fund of such new society. Explanation:- For the purpose of this section Registrar shall not include officers whom powers of the Registrar have been conferred under sub-section (2) of section 4.