8. REORGANIZATION AND LIQUIDATION PROCEDURES

8.1. The association can be reorganized through amalgamation, joining, division, separation, transformation. Association may be converted to a fund, an autonomous non-commercial organization, a business company or partnership and noncommercial partnership.

8.2. Liquidation is made by the general meeting of members of the Association. Since the appointment of the liquidation committee it is to acquire the authority to manage the affairs of the Association.

8.3. During the process of liquidation of the Association, its undisputed debts are subject to satisfaction in the first place that are to be secured through the assets of the Association, and in case of the lack of assets of the Association to cover the debts owed to creditors, Active members of the Association shall bear subsidiary liability for the obligations of the Association in proportion to their introductory dues.

8.4. Cash received from sale of property, as well as financial income after meeting the claims of creditors is made pursuant to the constituent documents of the Association for the purposes for which it was created, and (or) to charity. In the case of impossibility to use the property of a noncommercial organization being liquidated in accordance with its constituent documents, it is drawn in state revenue.

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