Budget Implementation Act, 1998

Marginal note:Property to be divided

• 43 (1) On the winding-up or dissolution of the Foundation, all its property remaining after all its debts and obligations have been satisfied shall be liquidated and the moneys arising from that liquidation shall be distributed among all public eligible institutions, to be used by them for scholarships, in such a way that each institution receives an amount that is the same proportion of those moneys that

  • (a) the number of scholarships granted to persons attending that institution in the year immediately before the year in which the Foundation is wound up or dissolved

  is of

  • (b) the number of all scholarships granted to persons attending those institutions in the year immediately before the year in which the Foundation is wound up or dissolved.

• Marginal note:Repayment out of remaining property

  (2) Despite subsection (1), the Ministers may require the Foundation to repay out of the moneys arising from the liquidation to the Receiver General for credit to the Consolidated Revenue Fund any amount that is so repayable under the terms or conditions on which public moneys were provided to the Foundation.