Clause 31 - Distribution of Surplus Assets to Another Entity
- This section applies if the association is wound-up under part 7 of the Act and there are surplus assets.
- The surplus assets must not be distributed among the members but must be given to another entity:
- That has objects similar to the association's objects; and
- The rules of which prohibit the distribution of the entity's income and assets to its members.
- In this section:
"surplus assets" has the meaning given by section 47(3)of the Act.