Section 39:
Division of property on dissolution.
1* * * Whenever the dissolution of the said
Association shall be ordered either by the 2[Central Government], or by a vote of the said Association,
the Directors of the said Association shall cause all the property of the said Association to be
converted into money, and shall divide whatever surplus may remain after satisfying the debts of the
said Association among the proprietors in proportion to the shares which the proprietors have in the
Capital Stock of the said Association; and after such distribution the said Association shall forthwith
be dissolved.
Notes:
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I.
2. Subs. by the A.O. 1937, for “Governor General of India in Council”.