Distribution of residuary assets

(1) Subject to sub-section (2), the residuary assets of a foundation shall be the property of the person who according to 40 the foundation charter or by-laws of the foundation, is entitled to receive the residuary assets. (2) If the foundation charter is silent as to the distribution upon dissolution of the foundation, the residuary assets shall be distributed to the beneficiaries in equal shares. (3) If there is no person entitled to receive the residuary assets or the person entitled to receive it refuses to accept the distribution of the endowment, the said endowment shall be transferred to the Commission to be held in escrow for twelve months from the date of the resolution or order granting dissolution, for the benefit of persons as may claim a beneficial interest in the endowment, and– (a) if no such claim has been asserted within that period, the Registrar shall treat the endowment as abandoned property and report the facts to the Minister who may order its disposal in the manner he thinks fit; and (b) if a claim is asserted within that period, the Registrar shall deposit the endowment with the Court and apply to the Court for a determination as to the validity of the claim. (4) All costs of an application under sub-section (3)(b) shall be paid from the endowment. (5) If the foundation was established for charitable purposes, the foundation endowment shall be distributed for the charitable purposes that the Court, on the application of the foundation council, declares are consistent with the original intention of the International Foundations [CAP. 24:02 41 The Registered Agent, Founder, Foundation Council, Protector and Beneficiary