Proceedings necessary for the termination or dissolution of a society

(1) A society may terminate or be dissolved, (a) upon the happening of any event declared by its rules to be the termination of the society; (b) by dissolution in manner prescribed by its rules; 19 (c) by dissolution with the consent of three- fourths of the members, holding not less than two-thirds of the number of shares in the society, testified by their signatures to the instrument of dissolution; (d) by winding-up, either voluntarily under the supervision of the Supreme Court or by the Supreme Court, if the Court shall so order, on the petition of any member authorised by three-fourths of the members present at a general meeting of the society specially called for the purpose to present the same on behalf of the society or on the petition of any judgment creditor for not less than two hundred and fifty dollars, but not otherwise. (2) An instrument of dissolution shall set forth, (a) the liabilities and assets of the society in detail; (b) the number of members and the amount standing to their credit in the books of the (c) the claims of depositors and other creditors and the provision to be made for their (d) the intended appropriation or division of the funds and property of the society; (e) the names of one or more persons to be appointed trustees for the special purpose, and their remuneration; (f) provision for the appointment of new trustees. 20 (3) An instrument of dissolution, (a) may, with the like consent and evidenced in the same manner, be altered; (b) shall, as well as any alterations thereof, be registered in the manner provided for the registration of rules and be binding upon all the members of the society. (4) Rules of court for regulating the proceedings in the case of dissolution under the supervision of or by the Supreme Court may from time to time be made, and until so made the practice shall be such as the Chief Justice may sanction or allow. (5) Notice of the commencement and termination of every dissolution or winding-up shall be sent to the Registrar General and registered by him.