Dissolution of Society
The dissolution of a society can be a complex process and may require legal assistance. The process generally involves the following steps:
Society Bylaws: The first step in the dissolution process is to review the society bylaws to ensure that it allows for the dissolution of the society. If the bylaws do not contain provisions for dissolution, it may be necessary to amend the bylaws.
Board Resolution: The members of the society must pass a resolution to dissolve the society. The resolution must be passed by a two-thirds majority of the members.
Notice: The society must give notice of the dissolution to all members and creditors of the society. The notice must be given in writing and must contain the date of dissolution.
Disposal of Assets: The society must dispose of the society assets in accordance with the bylaws and distribute the proceeds to the members. If the society has any outstanding liabilities, the society must settle them before distributing the proceeds.
Closure of Accounts: The society must close the society accounts and file the final accounts with the relevant authorities.
Deregistration: The society must deregister the society with the relevant authorities, such as the Registrar of Societies.
The following documents may be required for the dissolution of a society:
- Society Bylaws
- Board Resolution for the dissolution of the society
- Notice of the dissolution to members and creditors
- Final accounts of the society
- Proof of the disposal of society assets and settlement of outstanding liabilities
- Deregistration documents for the society
It is advisable to seek the advice of legal and financial professionals before initiating the process of dissolving a society.