(1) A society may terminate or be dissolved—
(a) upon the happening of any event declared by its rules to bring about or to be the termination of the society;
(b) by dissolution in manner prescribed by its rules;
(c) by dissolution with the consent of 3/4 of its members holding not less than 2/3 of the number of shares in the society, testified by the signatures to the instrument of dissolution;
(d) by winding up, either voluntarily under the supervision of the Court or by the Court, if the Court shall so order, on the petition of any member authorised by 3/4 of the members present at a general meeting of the society specially called for the purpose to present the same on behalf of the society, or on the petition of any judgment creditor for not less than $250. General rules and orders for regulating the proceedings of the Court under this section may be made by the Chief Justice.
(2) Every instrument of dissolution shall set out—
(a) the liabilities and assets of the society in detail;
(b) the number of members and the amount standing to the credit in the books of the society;
(c) the claims of depositors and other creditors and the provision to be made for their payments;
(d) the intended appropriation or division of the funds and property of the society;
(e) the names of one or more persons to be appointed trustees for the special purpose, and their remuneration.
(3) Alterations in an instrument of dissolution may be made with the like consent, testified in the same manner as in the original instrument.
(4) Every instrument of dissolution and all alterations therein shall be registered in the manner provided for the registration of rules and shall be binding on all members of the society.
(5) Notice of the commencement and termination of every dissolution or winding up shall be sent to the Registrar and registered by him or her.