MERGER, DIVISION, ESTABLISHMENT OF BRANCHES and DISSOLUTION OF A SOCIETY
Subject to Article 29 hereof, the General Assembly may resolve to merge the Society with another society or other societies, which act to promote a similar objective. The General Assembly may also resolve to divide the Society and to establish branches therefor.
Such a resolution may be effective only after it has been endorsed in the appropriate register at the Ministry of Labour and Social Affairs and published in the Official Gazette.
The Society may be dissolved voluntarily, subject to Articles 26 and 29 hereof, if it is found that the Society is no longer able to pursue the objectives for which it was established or if the number of membership has dropped to a level where it is difficult to pursue its activities or for any other reason.
Upon the dissolution of the Society, the members, officers and staff are banned from continuing with the Society’s activities or disposing of its funds once they are notified of its dissolution.
Once the Society is dissolved, the Ministry of Labour and Social Affairs will appoint a liquidator for a specific term and against remuneration.
The Society’s officers, on request, shall immediately hand over to the liquidator all the documents and registers of the Society. Such officers and the Society’s banker and creditors may not handle any of its affairs or rights without the written order of the liquidator.
Upon the liquidation of the Society, the liquidator shall distribute the Society’s funds to the societies, which operate for the same purpose.