15. The Dissolution of the Association

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15.1 If a general meeting in accordance with the Articles of Association approves the dissolution of the Association, the Association shall be liquidated by a liquidator appointed by the general meeting.

15.2 If there is a net capital at the end of liquidation, such net capital shall be donated to a foundation to be established in accordance with Danish law and with the object to award scholarships to students living in Denmark with the purpose of studying in Great Britain. The foundation shall be established by the last board of the Association and with statutes drafted in accordance with the conditions applicable at the time of the establishment of the foundation.

15.3 Should the net capital of the Association be so small that a foundation cannot be established, the last board of the Association shall over a period not exceeding three years use the net capital of the Association to award scholarships for studies in Great Britain as outlined above.