De-registration of societies

Corporate2024155 sections12 chapters

Chapter II REGISTRAR AND REGISTRATION

Statutory text

(1) If the Registrar is satisfied that any society is registered on mis -representation made by applicants, or where the work of the society is completed or exhausted or the purposes for which the society has been registered are not served, or any primary agricultural co-operative credit society using the word “bank”, “banking”, “banker” or any other derivative of the word “bank ” in its name, he may, after giving an opportunity of being heard to the society, de-register the society.
(2) When a society is de-registered under the provisions of sub-section (1), the Registrar may, notwithstanding anything contained in this Regulation or any other law for the time being in force in the Union territory, make such incidental and consequential orders including appointment of Official Assignee as the circumstances may require.
(3) Subject to the provisions of this Regulation and the rules made thereunder, the Official Assignee shall realise the assets and liquidate the liabilities within a period of one year from the date he takes over the charge of property, assets, books, records and other documents, which period may, at the discretion of the Registrar, be extended from time to time, so however, that the total period does not exceed three years in the aggregate.
(4) The Official Assignee shall be paid such remuneration and allowances as may be prescribed and he shall not be entitled to any remuneration whatever beyond the prescribed remuneration or allowances.

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