(1)
A body corporate formed under this Part may be dissolved by the Court on a petition brought for that purpose by—
(a)
the governing body or council ;
(b)
one or more trustees ;
(c)
members of the association constituting at least 50% of the total membership ; or
(d)
the Commission.
(2)
The grounds on which the body corporate may be dissolved are that—
(a)
the aims and objects for which it was established have been fully realised and no useful purpose would be served by keeping the corporation alive ;
(b)
the body corporate is formed to exist for a specified period, that period has expired and it is not necessary for it to continue to exist ;
(c)
all the aims and objects of the association have become illegal or otherwise contrary to public policy ;
(d)
it is just and equitable in all the circumstances that the body corporate be dissolved ; and
(e)
the certificate of registration of the association has been withdrawn, cancelled or revoked by the Commission.
(3)
At the hearing of the petition, all persons whose interests or rights may, in the opinion of the Court, be affected by the dissolution shall be put on notice.
(4)
If in the event of a winding-up or dissolution of the corporate body there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the association, but shall be given or transferred to some other institutions having objects similar to the objects of the association : Provided that the institution shall be determined by the members of the association at or before the time of dissolution.
(5)
If effect cannot be given to the provisions of subsection (4), the remaining property shall be transferred to some charitable object.