Liquidator

(1) Where the Registrar has made an order under section 57 for the winding up of a co-operative society, he may appoint a liquidator for the purpose and fix his remuneration. (2) Notwithstanding anything contained in sub-section(5) or sub-section (6) of section 57 a liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the co-operative society is or appears to be entitled and shall take all such steps as he may deem necessary or expedient, to prevent loss or deterioration of, or damage to, such property, effects and claims and he may carry on the business of the society so far as may be necessary with the previous approval of the Registrar. (3) Where an appeal is preferred under section 58 against an order for the winding up of a co-operative society made under section 57 the liquidator shall continue to have custody or control of the property, effects and actionable claims in sub-section (2) and have authority to take the steps referred to in that sub-section until the disposal of the appeal. (4) Where an order for the winding up of a co-operative society is set aside in appeal, the property, effects and actionable claims of the society shall re-vest in the society. (5) The Registrar may, for reasons to be recorded in writing, remove a liquidator appointed under this section and appoint another liquidator in his place. The Registrar or the arbitrator, as the case may be, shall have power to appoint or remove a guardian for the party to the dispute who is a minor or who by reasons of unsound mind or mental infirmity, is incapable of protecting his interest.