PART 11CHARITABLE INCORPORATED ORGANISATIONS
Winding up, insolvency and dissolution
119Regulations about winding up, insolvency and dissolution
1
The Department may by regulations make provision about—
a
the winding up of CIOs,
b
their insolvency,
c
their dissolution, and
d
their revival and restoration to the register following dissolution.
2
The regulations may, in particular, make provision—
a
about the transfer on the dissolution of a CIO of its property and rights (including property and rights held on trust for the CIO) to the official custodian or another person or body,
b
requiring any person in whose name any stocks, funds or securities are standing in trust for a CIO to transfer them into the name of the official custodian or another person or body,
c
about the disclaiming, by the official custodian or other transferee of a CIO’s property, of title to any of that property,
d
about the application of a CIO’s property cy-près,
e
about circumstances in which charity trustees may be personally liable for contributions to the assets of a CIO or for its debts,
f
about the reversal on a CIO’s revival of anything done on its dissolution.
3
The regulations may—
a
apply any statutory provision which would not otherwise apply, either without modification or with modifications specified in the regulations,
b
disapply, or modify (in ways specified in the regulations) the application of, any statutory provision which would otherwise apply.
4
No regulations shall be made under this section unless a draft of the regulations has been laid before and approved by resolution of the Assembly.