Upon a dissolution no member to receive profit is defined under Section 14 of Societies Registration Act 1860
If upon the dissolution of any society registered under this Act there shall remain, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the said society or any of them, but shall be given to some other society, to be determined by the votes of not less than three-fifths of the members present personally or by proxy at the time of the dissolution, or, in default thereof, by such Court as aforesaid:
Clause not to apply to Joint-stock Companies. Provided, however, that this clause shall not apply to any society which shall have been founded or established by the contributions of shareholders in the nature of a Joint-stock Company.
SOCIETIES REGISTRATION ACT 1860
Section 1 - Societies formed by memorandum of association and registration
Section 2 - Memorandum of association
Section 3 - Registration and fees
Section 4 - Annual list of managing body to be filed
Section 5 - Property of society how vested
Section 6 - Suits by and against societies
Section 7 - Suits not to abate
Section 8 - Enforcement of judgment against society
Section 9 - Recovery of penalty accruing under bye-law
Section 10 - Members liable to be sued as strangers
Section 11 - Members guilty of offences punishable as strangers
Section 12 - Societies enabled to alter, extend, or abridge their purposes
Section 13 - Provision for dissolution of societies and adjustment of their affairs
Section 14 - Upon a dissolution no member to receive profit
Section 16 - Governing body defined
Section 17 - Registration of societies formed before Act
Section 18 - Such societies to file memorandum, etc., with Registrar of Joint-stock Companies