22 WINDING-UP

22.1 If the Company shall be wound up while a person is a Registered Member or within one year after that person ceases to be a Registered Member, every Registered Member of the Company will contribute such amount as may be required, not exceeding Rs. 500 (five hundred Mauritian rupees) to the assets of the Company for payment of the Company's debts and liabilities accrued before the Registered Member ceases to be a Registered Member, and of the costs and expenses of winding-up.

22.2 If on the winding up or dissolution of the Company, there remain any surplus assets after satisfaction of the Company's debts and liabilities, the surplus shall not be paid to the members but shall instead be given or transferred to some other institution or institutions having objects similar to the objects of the Company. The institution to which the surplus shall be transferred shall be determined by the members or, in default of such determination, by the liquidator after considering the advice of the Board.