Procedure on dissolution

(1) The foundation council, or the person authorised by the foundation charter to supervise the dissolution of the foundation, shall take all actions necessary for the orderly supervision of the dissolution of the foundation. (2) Upon commencement of dissolution, the foundation shall immediately cause notice of its intent to dissolve to be sent to each of its known creditors and to further cause the said notice of intent to dissolve to be published in three consecutive issues of the Gazette. (3) Subject to the provisions of the foundation charter, the council or the authorised person shall collect the endowment of the foundation and retain sufficient assets to make reasonable provisions for the obligations of the foundation, either existing or anticipatory in nature, including outstanding or anticipatory fees and disbursements of the foundation council. (4) The foundation council shall distribute the remaining foundation endowment within a reasonable time, in accordance with the terms of the foundation charter or its by-laws, to the persons entitled to it in pursuance of section 32. International Foundations [CAP. 24:02 37 (5) A foundation shall continue to exist after its dissolution during the winding up of its affairs. (6) Upon dissolution of the foundation, the foundation council shall notify the Registrar within thirty days and return the Certificate of Establishment. The Registrar shall then cancel the Register entry, issue a Certificate of Dissolution and publish a notice of dissolution in the Gazette.