Effect of winding up

Corporate2024155 sections12 chapters

Chapter XI LIQUIDATION

Statutory text

(1) After the expiry of the period for appeal under section 116 against the order made under sub-section (3) of section 114, or where the appeal has been dismissed, the order for winding up shall be effective and shall operate in favour of all creditors and the contributories of the society, as if it has been made on the joint petition of creditors and contributories.
(2) When a winding up order becomes effective, the Liquidator shall proceed to realise the assets of the society, by sale or otherwise, and no dispute shall be commenced, or if pending at the date of the winding up order, be proceeded with, against the society, except with leave of the Registrar and subject to such terms as the Registrar may impose and the Registrar may of his own motion, however, entertain or dispose of any dispute by or against the society.

Study data processing for this section.

PDF: pending for this language.