SECTION 14 DISSOLUTION AND DISTRIBUTION OF ASSETS

SECTION 14

DISSOLUTION AND DISTRIBUTION OF ASSETS

14.01 The Chamber may only be dissolved, or amalgamated with another institution or constituted body, upon a unanimous resolution of the Council which is approved by 90% of all the paying members of the Chamber.

14.02 After payment of all just debits has been made following dissolution, any funds left over shall be kept in the account of the Chamber and the banks concerned shall be authorised to freeze the account.

14.03 A three-person Caretaker Committee, chosen from the last Council unless the Extraordinary General Meeting during which the dissolution is approved determines otherwise, shall take charge of all the Chamber’s documents and assets until a new Chamber is formed.

14.04 If after the lapse of five (5) calendar years following dissolution the Chamber is not re-established, the Caretaker Committee shall pass all existing documents of the Chamber to the National Archives, and shall pass all other assets of the Chamber to one or more charitable institutions recognised as such by law and whose Statute, aims, objectives, actions, practice, and record are compatible with those of the Chamber, unless twothirds of the members present and voting at the Extraordinary General Meeting during which the dissolution is approved determine otherwise.

MALTA CHAMBER OF CONSTRUCTION MANAGEMENT page 40