Disposal of assets created out of foreign contribution [ Section 22 ] - FCRA - Ready Reckoner - FEMA

Disposal of assets created out of foreign contribution Where any person who was permitted to accept foreign contribution under this Act, a) Ceases to exist or has become defunct :- All the assets of such person shall be disposed of in accordance with the provisions contained in any law for the time being in force under which the person was registered or incorporated, and b) In the absence of any such law :- the Central Government may, having regard to the nature of assets created out of foreign contribution received under this Act, by notification, specify that all such assets shall be disposed off by such authority, as it may specify, in such manner and procedure as may be prescribed. [ Section 22 of FCRA, 2010 ]