Unincorporated Associations - Dissolution of Unincorporated Association - Distribution of Surplus Assets
4 important questions on Unincorporated Associations - Dissolution of Unincorporated Association - Distribution of Surplus Assets
Three Consequences of The Surplus Assets upon Dissolution
- The assets may be returned to the people who provided them in the first place;
- The assets may be transferred to the Crown on the ground that nobody owns them -- that is, they become bona vacantia; or
- The assets may be transferred to the members at the time of the dissolution.
***Which consequence applies will depend on how the assets were held in the first place.
Transferor has divested rights to the property
Cunnack v Edwards [1896]
Held: The society was moribund and so had been terminated. The next of kin of the members could not claim the surplus assets by means of a resulting trusts because they had parted outright with their subscriptions when they had paid them in return for contractual benefits, namely that his widow would be provided for once the member died.
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Property to be Treated as Bona Vacantia
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