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Clause 31 - Distribution of Surplus Assets to Another Entity

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  1. This section applies if the association is wound-up under part 7 of the Act and there are surplus assets.
  2. The surplus assets must not be distributed among the members but must be given to another entity:
    1. That has objects similar to the association's objects; and
    2. The rules of which prohibit the distribution of the entity's income and assets to its members.
  3. In this section:
    "surplus assets" has the meaning given by section 47(3)of the Act.

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