Section 8. Dissolution.--(a) If a majority of those voting in a referendum conducted in any political subdivision shall decide in accordance with the act of June 13, 1955 (P.L.173), to replace a volunteer fire company serving such subdivision with a full-paid fire department or company and the volunteer company so replaced ceases to render fire service to any community it shall withdraw from the volunteer firefighters' relief association which theretofore extended protection to its membership.
(b) In accordance with the above action the relief association shall continue to function as heretofore granting financial assistance to its remaining members and their families in death, sickness and distress suffered through the unfortunate elements of life.
(c) The volunteer firefighters' relief association so functioning shall not receive any new members.
(d) When the membership roll of the relief association so functioning shall diminish to five members it shall apply to the local common pleas court for dissolution.
(e) Said court shall direct that all bills including the costs of dissolution be paid and the balance of the funds in the treasury be paid to the pension fund of the paid fire department so created by the governing body of the local political subdivision.
(8 amended Dec. 22, 1993, P.L.547, No.78)