Winding up of the Association shall be carried out by means of reorganization or liquidation.
Reorganization of the Association shall be carried out according to the decision of the General Assembly, passed by 3/4 of the Members. On reorganization all rights and duties of the Association shall be transferred to its successors.
Liquidation of the Association shall be carried out according to the decision of the General Assembly, passed by 3/4 of the Members, or by court order.
For liquidation of the Association the General Assembly or the court shall appoint the liquidation committee, which evaluate available assets of the Association, draw out the liquidating balance and submit it to the authority that appointed the liquidation committee.
On liquidation of the Association funds and property, belonging to the Association, after settlement of accounts of employees and obligations to the budget, banks, and other creditors, can not be distributed among its Members and shall be transferred to another nonprofit organization or credited to the income of the state budget.
The Association shall be considered as liquidated or reorganized since making an entry about its winding up into the unified state registry.
