Closure of liquidation

(1) In the liquidation of a society whose registration has been cancelled, the funds, including the reserve fund, shall be applied first to the costs of liquidation, then to the discharge of the liabilities of the society, then to the payment of the share capital and then, where the by-laws of the society permit, to the payment of a dividend at a rate not exceeding ten per centum per annum for any period for which no disposal of profits was made. 25 (2) When the liquidation of a society has been closed and any creditor of that society has not claimed or received what is due to him under the scheme of distribution, notice of the closing of the liquidation shall be published in the Gazette, and all claims against the funds of the society liquidated shall be prescribed when two years have elapsed from the date of the publication of the Gazette notice. (3) Any surplus remaining after the application of the funds to the purposes specified in subsection (1) of this section and the payment of any claims for which an action is instituted under subsection (2) of the section, shall be disposed of by the Minister for any local co-operative or charitable purpose or contributed to a common-good fund in Belize.