On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 02/01/2011.
25.
—(1) Upon the making of an order of dissolution against any society under section 24 —
(a)
the property of the society shall forthwith vest either in the Official Receiver or, if any other officer is appointed for the purpose of winding up by the Minister in the notification of the order, then in that officer; and
(b)
the Official Receiver or that other officer shall proceed to wind up the affairs of the society and, after satisfying and providing for all debts and liabilities of the society and the costs of winding up, shall pay the surplus assets, if any, of the society —
(i)
where the Minister so directs, into the Consolidated Fund; and
(ii)
in the absence of a direction by the Minister, to the members of the society according to the rules of the society.
[9/2003 wef 16/5/2003]
(1A) For the purposes of the winding up of the affairs of the society, the Official Receiver or that other officer shall have all the powers vested in the Official Receiver under the Companies Act (Cap. 50) for the purpose of the discovery of the property of a debtor and the realisation thereof, and the provisions of that Act shall apply, with the necessary modifications, to the winding up of the affairs of the society under this Act.
[9/2003 wef 16/5/2003]
(2) The Minister may, for the purpose of enabling a society to wind up its own affairs, suspend the operation of this section for such period as to him seems expedient.