Societies Registration Act : Clause not to apply to Joint-stock Companies. Indian Bare Acts :

Societies Registration Act,1860

Act No : 21

Section : Clause not to apply to Joint-stock Companies.

14. Upon a dissolution no member to receive profit.--If upon the dissolution of any society registered under this Act there shall remain 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 said society or any of them, but shall be given to some other society, to be determined by the votes of not less than three-fifths of the members present personally or by proxy at the time of the dissolution, or, in default thereof, by such Court as aforesaid: Clause not to apply to Joint-stock Companies.--Provided, however, that this clause shall not apply to any society which shall have been founded or established by the contributions of shareholders in the nature of a Joint-stock Company.