Section 44: Disposal of funds of liquidation.

In the liquidation of a society whose registration has been cancelled, the funds, including the reserve funds shall be applied in the following order of priority-(a) to the cost of liquidation;
(b) to the discharge of the liabilities of the society;
(c) to the payment of the share capital; and
(d) provided that the bye-laws of the society permit, to the payment of a dividend at a rate not exceeding five per cent per annum for any period for which a disposal of profits was made.