Appointment of Liquidator.

Corporate1960195 sections

Statutory text

(1) Where the Registrar has made an order under section 69 for the winding up of a society, he may appoint a liquidator for the purpose and fix his remuneration and may also remove at any time any person appointed as liquidator and appoint another; Provided that in respect of a co-operative bank ordered to be wound up on requisition from the Reserve Bank , the liquidator shall not be appointed or removed without the previous sanction of Reserve Bank of India. (2) A liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the society is or appears to be entitled and shall take such steps as he may deem necessary or expedient, to prevent loss deterioration of, or damage to such, property, effects and claims. (3) Where an appeal is preferred under section 78 an order of winding up of a society made under section 69 shall not be operated thereafter until the order is confirmed in appeal; Provided that the liquidator shall continue to have custody of or control over the property, effects and actionable claims mentioned in sub-section (2) and have authority to take the steps referred to in that sub-section (4) Where an order of winding up of a society is set aside in appeal, the property, effects and actionable claims of the society shall revest in the society.

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