Article 25—Dissolution of Corporation


Upon the dissolution of the Corporation, any surplus funds or surplus capital remaining to the credit of the Corporation once the provisions of the Winding Up and Restructuring Act (R.S.C. 1985, c. W-11) and any amendments thereto and the provisions of any other applicable legislation have been complied with shall be distributed to one or more arm’s length not-for-profit corporations or charities, with any such recipient or recipients having their primary operations in the area of higher education, and with the determination of such recipient or recipients to be made by the Board of Directors at the time of the dissolution of the Corporation.