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Budget Implementation Act, 1998

Version of section 43 from 2003-01-01 to 2003-06-18:
 


Marginal note:Property to be divided

43 On the winding-up or dissolution of the Foundation, all its property remaining after all its debts and obligations have been satisfied shall be liquidated and the moneys arising from that liquidation shall be distributed among all public eligible institutions, to be used by them for scholarships, in such a way that each institution receives an amount that is the same proportion of those moneys that

  • (a) the number of scholarships granted to persons attending that institution in the year immediately before the year in which the Foundation is wound up or dissolved

is of

  • (b) the number of all scholarships granted to persons attending those institutions in the year immediately before the year in which the Foundation is wound up or dissolved.


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