Appointment of liquidator and his powers

("Appointment of liquidator and his powers")

1. (1) Where the Registrar has made an order under section 57 for the winding up of a society, he may appoint a liquidator for the purpose and fix his remuneration.
2. (2) On the appointment of a liquidator, all the property, assets, effects and actionable claims or liabilities of the society as on the date of such order, shall vest in or devolve on the liquidator. He shall take such steps as he may deem necessary or expedient to prevent loss or deterioration of, or damage to, such property, assets, effects and actionable claims.
3. (3) Subject to the control of the Registrar, the liquidator shall have the power—
   • (a) to institute and defend suits and other legal proceedings on behalf of the society by the name of his office;
   • (b) to realise the assets of the society, by sale or otherwise;
   • (c) to determine from time to time the contribution to be made or remaining to be made and the debts due by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers or former officers to the society;
   • (d) to investigate all claims against the society, and subject to the provisions of this Act, to decide questions of priority arising between claimants;
   • (e) to pay claims against the society including interest up to the date of winding up according to their respective priorities, if any, in full or rateably, as the assets of the society may permit; the surplus, if any, remaining after payment of the claims, being applied in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contractual rate in any case;
   • (f) to determine by what persons and in what proportion the costs of liquidation are to be borne;
   • (g) to determine whether any person is a member, past member or nominee of deceased member;
   • (h) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society;
     • (i) with the previous approval of the prescribed authority, to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim present or future, whereby the society may be rendered liable; and
   • (j) with the previous approval of the prescribed authority, to compromise all calls or liabilities to any calls and debts and liabilities capable of resulting in debts and all claims present or future, certain or contingent, subsisting or alleged to subsist between the society and a contributory or alleged contributory or other debtor or person apprehending liability to the society and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof.
4. (4) Any sum ordered under this section to be recovered as a contribution to the assets of a society or as costs of liquidation may be recovered, on a requisition being made in this behalf by the Registrar to the Collector in the same manner as arrears of land revenue.
5. (5) Save as provided in sub-section (4), orders made under this section shall, on application, be enforced by any Civil Court having local jurisdiction in the same manner as a decree of such Court.
6. (6) The liquidator shall continue to exercise his powers until the affairs of the society are completely wound up when he shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.