Hanover Township Police Pension & Benefit Fund Ass'n Case

Opinion by

Mr. Justice Cohen,

A petition for voluntary dissolution of the Hanover Township Police and Benefit Fund Association, Inc., a *315nonprofit corporation, was filed for the purpose of dissolving the corporation and winding up its business. From the date of its incorporation, December 24, 1942, it functioned as a pension benefit association — electing officers, collecting and disbursing money as pension benefits to its members. Its principal sources of revenue included funds derived from association activities; payroll deductions of 2% of tbe annual salary of the members of tbe police force,…