Audit of Liquidator’s accounts

Corporate2024155 sections12 chapters

Chapter XI LIQUIDATION

Statutory text

(1) The Liquidator shall, during his tenure of office, at such times as may be prescribed, but not less than twice each year, present to the Registrar an account in the prescribed form of his receipt and payments as Liquidator and the Registrar shall cause the accounts to be audited in such manner as he thinks fit and for the purpose of audit, the Liquidator shall furnish the Registrar with such vouchers and information as he, or the person appointed by him, may require.
(2) The Liquidator shall cause a summary of audited accounts to be prepared, and send a copy of such summary to every contributory.
(3) The Liquidator shall pay such fees as the Registrar may direct, for the audit of the accounts of books kept by him in such manner as may be prescribed.
(4) The Liquidator shall be held liable for any irregularities which might be discovered in the course or as a result of audit in respect of transactions subsequent to his taking charge of the affairs of the society, and may be proceeded against, as if, it were an act against which action may be taken under section 99: Provided that no such action shall be taken unless the irregularities have caused or are likely to cause loss to the society, and have occurred due to gross negligence or want on omission by the Liquidator, in carrying out the duties and functions.

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