law: Societies Registration Act, 1860
  14. Upon a dissolution no member to receive
  
  profit
  If upon the dissolution of any society
  
  registered under this Act there shall remain, after the satisfaction of all its
  
  debts and liabilities, any property whatsoever, the same shall not be paid to
  
  or distributed among the members of the said society or any of them, but shall
  
  be given to some other society, to be determined by the votes of not less than
  
  three-fifths of the members present personally or by proxy at the time of the
  
  dissolution, or in default thereof, by such court as aforesaid:
  Clause not to apply to Joint-stock Companies: Provided, however, that this clause shall not apply to any society which has been founded or established by the contributions of share-holders in the nature of a Joint-stock Company.