Section 44: Distribution of assets on winding-up

44. Distribution of assets on winding-up (1) Subject to subsection (2), the assets of a Foundation remaining after completion of a winding-up shall be the property of any remaining beneficiary, and that property shall be transferred to that beneficiary. (2) In the event that— (a) there is no remaining beneficiary; or (b) the remaining beneficiary refuses to accept the transfer of the remaining assets; and (c) provision is made in the charter for the distribution of assets on winding-up, the remaining assets shall be vested in the Curator of Vacant Estates. (3) Where there are more than one remaining beneficiary willing to accept the transfer of the remaining assets, the remaining assets shall be divided equally among those remaining beneficiaries unless the charter or the Articles, if any, provides or provide otherwise. (4) The liquidator shall file with the Registrar within 7 days of the completion of the winding-up— (a) a notice stating that the winding-up has been completed; and (b) in the case of a winding-up by the Court, an order to that effect. (5) Where a notice or an order is filed with the Registrar under subsection (4), the Registrar shall remove the Foundation from the register. [S. 44 amended by s. 19 (c) of Act 9 of 2015 w.e.f. 14 May 2015.] PART X – MISCELLANEOUS