22. LIQUIDATION
The Institute may be wound up and if it is, it shall be wound up in accordance with section 24 of the Act. If upon such winding up, there remains after satisfaction of all debts and liabilities of the Institute any property or assets whatsoever such property shall be disposed of in the manner directed by the resolution to wind up the Institute provided that no property shall be paid out or distributed other than to another society or organisation with objects similar to those of the Institute. If there is no such society or organisation, then the Institute shall be distributed to a charitable organisation or charitable organisations in New Zealand chosen by the Council or the then remaining councillors if less than a quorum exists.
