Section 42: Voluntary winding-up
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
42. Voluntary winding-up
(1) Subject to subsection (2), a Foundation shall be wound up voluntarily—
(a) on the occurrence of an event specified in its charter;
(b) on the expiry of the period for which it was established;
(c) on a unanimous resolution of its Council to that effect; or
(d) where the Foundation is unable to pay its debts.
(2) A Foundation shall not be wound up pursuant to subsection (1) unless a notice of liquidation signed by a member of the Council is delivered to
the Registrar and published in 2 daily newspapers and the Gazette.
(3) Where a notice is delivered to the Registrar under subsection (2), the
Registrar shall remove the Foundation from the register.
[S. 42 amended by s. 19 (b) of Act 9 of 2015 w.e.f. 14 May 2015.]