Dissolution by members

(1) A cooperative may by a special resolution, authorize its own dissolution : Provided that a notice of the general meeting shall be sent by registered post with an invitation to attend, to the Registrar, to creditors, if any, to any secondary cooperative to which the cooperative is affiliated, and to any cooperative/s with which a partnership contract has been entered into. (2) Invitees under the proviso of sub-section (1) shall have the right to make a presentation to the general body, if they so wish to on the issue of the proposed dissolution. (3) Within fifteen days of such authorization for dissolution the cooperative shall send to the Registrar a copy by registered post of the authorization to dissolve the cooperative. (4) The authorization approved in pursuance of sub-section (1) is required to set out :––(a) the assets and liabilities of the cooperative ; (b) the claims of creditors ; (c) the number of members ; (d) the nature and extent of the members interest in the cooperative ; (e) the name and address of the liquidator appointed by the cooperative. (5) When the Registrar receives the special resolution passed in pursuance of sub-section (1) :––(a) where he/she is satisfied that the cooperative has no assets or liabilities, he/she may dissolve the cooperative, strike off its name from the register of cooperatives and, issue a certificate of dissolution ; or (b) he/she shall within thirty days of such approval cause at the expense of the cooperative a notice of the special resolution to be published once in the Government Gazette and once a week for two consecutive weeks in a newspaper published or distributed in the district where the registered office of the cooperative is located. (6) In the case of dissolution, the Registrar may require, till the certificate of dissolution is issued by him/her, from the liquidator appointed by the cooperative or any other person who is required to furnish information, a periodical return showing :— (1) (2) Invitees under the proviso of sub-section (1) shall have the right to make a presentation to the general body, if they so wish to on the issue of the proposed dissolution. (3) Within fifteen days of such authorization for dissolution the cooperative shall send to the Registrar a copy by registered post of the authorization to dissolve the cooperative. (4) The authorization approved in pursuance of sub-section (1) is required to set out :–– (a) the assets and liabilities of the cooperative ; (b) the claims of creditors ; (c) the number of members ; (d) the nature and extent of the members interest in the cooperative ; (e) the name and address of the liquidator appointed by the cooperative. (5) When the Registrar receives the special resolution passed in pursuance of sub-section (1) :–– (a) where he/she is satisfied that the cooperative has no assets or liabilities, he/she may dissolve the cooperative, strike off its name from the register of cooperatives and, issue a certificate of dissolution ; or (b) he/she shall within thirty days of such approval cause at the expense of the cooperative a notice of the special resolution to be published once in the Government Gazette and once a week for two consecutive weeks in a newspaper published or distributed in the district where the registered office of the cooperative is located. (6) In the case of dissolution, the Registrar may require, till the certificate of dissolution is issued by him/her, from the liquidator appointed by the cooperative or any other person who is required to furnish information, a periodical return showing :— (a) the progress of dissolution ; (b) the distribution of any undistributed surplus or reserve ; and (c) any other relevant information that he/she may require.