Appointment of Liquidator

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) When an interim or final order is made under section 114 for the winding up of a society, the Registrar may, in accordance with the rules, appoint a person to be the Liquidator of the society and fix his remuneration.
(2) Where an interim order is made, the officers of the society shall hand over to the Liquidator the custody and control of all the property, effects and actionable claims to which the society is or appears to be entitled, and of all books, records and other documents pertaining to the business of the society and, shall have no access to any of them.
(3) When a final order is made confirming the interim order, the officers of the society—
- (a) shall hand over to the Liquidator the custody and control of any property, effects and actionable claims and any books, records, and other documents pertaining to the business of the society which for any reason are not handed over to the Liquidator under sub-section (2) at the time when an interim order was made;
- (b) shall vacate their offices and while winding up order remains in force, the general body of the society shall not exercise any powers.
(4) The Liquidator shall, subject to the general control of the Registrar, exercise all or any of the powers mentioned in section 117 and the Registrar may remove him from his office and appoint another in his place, without assigning any reason.
(5) The whole of the assets of the society shall on the appointment of the Liquidator vest in him and notwithstanding anything contained in any law for the time being in force in the Union territory, if any immovable property is held by him on behalf of the society, the title over the land shall be complete as soon as the mutation of the name of his office is effected and no court shall question the title on the ground of dispossession, want of possession or physical delivery of possession.
(6) In the event of the interim order being vacated, the Liquidator shall hand over the property, effects, actionable claims, books, records and other documents of the society to the officers who had delivered the same to him and the acts done, and the proceedings taken by the Liquidator, shall be binding on the society, and such proceedings shall, after the interim order has been vacated under section 114 be continued by the officers of the society. Explanation.—For the purposes of this section and section 117, the expression “actionable claims” means a claim to any debt, other than a debt secured by mortgage of immovable property or by hypothecation or pledge of movable property, or to any beneficial interest in movable property not in the possession, either actual or constructive, of the claimant, which the civil courts recognise as affording grounds for relief, whether such debt or beneficial interest by existent, accruing, conditional or contingent.

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