959. Application of surplus assets upon dissolution of institution.

959.     Application of surplus assets upon dissolution of institution.

Upon the dissolution of an institution to which the Literary and Scientific Institutions Act 1854 applies1, the property remaining, after all debts and liabilities have been satisfied, is not divisible among the members2. It must be given to some kindred institution, chosen by the members of the dissolving institution, or in default by the County Court3, notwithstanding that the rules of the institution contain a provision for the division of the property of the society upon dissolution among the shareholders4. However, this