section 121
Termination of liquidation proceedings
The Dadra and Nagar Haveli and Daman and Diu Co-Operative Societies Regulation, 2024Corporate2024155 sections12 chapters
Chapter XI LIQUIDATION
Statutory text
- (1) The winding up proceedings of a society shall be closed within five years from the date of the order of the winding up, unless the period is extended by the Registrar: Provided that the Registrar shall not grant any extension for a period exceeding one year at a time and five years in the aggregate, and shall, immediately after the expiry of ten years from the date of the order for winding up of the society, the liquidation proceedings shall be deemed to have been terminated, and pass an order terminating the liquidation proceedings. Explanation.—For the purposes of this section, it is hereby clarified that in the case of a society which is under liquidation at the date of the commencement of this Regulation, an order for the winding up of the society shall be deemed to have been passed for the purpose of this section on the said date.
- (2) Notwithstanding anything contained in sub-section (1), the Registrar shall terminate the liquidation proceedings on receipt of the final report from the Liquidator and the final report of the Liquidator shall state that the liquidation proceedings of the society have been closed, and also state how the winding up has been conducted and the property and claims of the society have been disposed of, and include a statement showing a summary of the account of the winding up including the cost of liquidation, the amount, if any, standing to the credit of the society, after paying off its liabilities including the share or interest of members, and suggest how the surplus may be utilised.
- (3) The Registrar, on receipt of the final report from the Liquidator, shall direct him to convene a general meeting of the members of the society for recording the report.
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