Dissolution by the Court

(1) The Court may order the dissolution of a foundation upon the application of the Registrar or the protector, a beneficiary, or a member if the Court is satisfied that– (a) the foundation charter or any by-law of the foundation or any provision of this Act entitles the applicant to demand dissolution of the foundation after the occurrence of a specified event and that event has occurred; (b) the purposes of the foundation have been fulfilled or have become incapable of being fulfilled and it is just and equitable that the foundation be dissolved; (c) the foundation is insolvent or unable to pay its debts; or (d) it is in the public interest to order the dissolution of the foundation. (2) Where the Court orders the dissolution of a foundation under this section, the Court shall appoint a person to supervise the dissolution of the foundation and may, from time to time, direct the manner in which the dissolution is to be conducted. (3) Where a foundation is dissolved pursuant to the provisions of sub-section (1), its residuary assets, if any, shall be distributed in accordance with section 32. 38