Section 62(3)

The second condition is that the company's articles— require its income to be applied in promoting its objects, prohibit the payment of dividends to its members, and require all the assets that would otherwise be available to its members generally to be transferred on its winding up either— (whether or not the body is a member of the company). to another body with objects similar to its own, or to another body the objects of which are the promotion of charity and anything incidental or conducive thereto,

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Source: legislation.gov.uk · retrieved 2026-09-04