27. WINDING UP
27.1 In the event of the winding up or the cancellation of the incorporation of the Association:
(a) Each Member is liable to contribute to the payment of the liabilities of the Association and the cost of winding up; and
(b) The assets of the Association must be disposed of in accordance with the provisions of the Act.
27.2 Liability for contribution shall:
(a) Apply while the Member remains a Member and for one year afterwards;
(b) Apply only to such liabilities contracted before the Member ceased to be a Member; and
(c) Not exceed an amount equal to the annual subscription for the Association for the last complete financial year prior to the date of the winding up.
