Winding up

The Dadra and Nagar Haveli and Daman and Diu Co-Operative Societies Regulation, 2024

Corporate2024155 sections12 chapters

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Chapter XI LIQUIDATION

Statutory text

(1) Except as otherwise provided in sub-section (2), if the Registrar,—
- (a) after an inquiry has been held under section 92, or an inspection has been made under section 93 or section 94 on the report of the auditor;
- (b) on receipt of an application made upon a resolution carried by three-fourths of the members of a society present at a special general meeting called for the purpose; or
- (c) of his own motion, in the case of a society which—
  - (i) has not commenced working;
  - (ii) has ceased working;
  - (iii) possesses shares or member’s deposits not exceeding five thousand rupees;
  - (iv) has ceased to comply with any conditions as to registration and management as provided in this Regulation or the rules or the bye-laws, is of the opinion that a society ought to be wound up, he may make an interim order directing it to be wound up.
(2) Notwithstanding anything contained in sub-section (1), in case where the members of the society, after having discharged liabilities towards the debt and assets of the society, upon a resolution carried by three-fourths majority of the members of the society present at a special general meeting called for the purpose, suo motu, resolve to wind up the society and convey such resolution to the Registrar and the Registrar shall, after disposing of the surplus assets in accordance with the provisions of section 122, cancel the registration of such society under section 21.
(3) Where an interim order is made on a ground specified in clause (a) or sub-clause (iv) of clause (c) of sub-section (1), a copy thereof shall be communicated, in the prescribed manner, to the society calling upon it to submit its explanation to the Registrar within a period of one month from the date of issue of such order.
(4) The Registrar, after giving an opportunity to the society of being heard, shall make a final order, vacating or confirming the interim order.

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