Vidhi Codex

section 42

Duties of Liquidator -On his appointment, a liquidator shall,-

The Andhra Pradesh Mutually Aided Co-operative Societies Act, 1995
Corporate199547 sections
Read full ActSections
Statutory text
  1. (a) immediately give notice of his appointment,-
    • (i) in the case of liquidator not appointed by the Registrar, to the Registrar; and
    • (ii) to each claimant and creditor known to the liquidator;
  2. (b) immediately published notice of his appointment once a week for two consecutive weeks in a newspaper published, distributed in the district where the Co-operative Society has registered office and take reasonable steps to give notice of the liquidation in every jurisdiction where the Co-operative Society carries on business;
  3. (c) place in the notice mentioned in clauses (a) and (b) a provision requiring any person,-
    • (i) indebted to the Co-operative Society, to render an account and pay to the liquidator at the time and place specified any amount owing;
    • (ii) possessing property of the Co-operative Society to deliver it to the liquidator at the time and place specified; and
    • (iii) having a claim against the Co-operative Society whether liquidator unliquidated, future or contingent, to present particulars of the claim in writing to the liquidator not later than sixty days after the first publication of the notice;
  4. (d) take into custody and control the property of the Co-operative Society;
  5. (e) open and maintain a trust account for the money of the Co- operative Society;
  6. (f) keep accounts of the moneys of the Co-operative Society received and paid out by him;
  7. (g) maintain separate lists of the members, creditors and other persons having claims against the Co-operative Society;
  8. (h) where at any time he determines that the Co-operative Society is unable to pay or adequately provide for the discharge of its obligations, apply to the Registrar for directions; and
    • (i) deliver to the Registrar, periodically as the Registrar may require, financial statements of the Co-operative Society in any form that the liquidator considers proper or that the Registrar may require.

Study data processing for this section.

PDF: pending for this language.