Final Account

(1) A liquidator shall pay the costs of liquidation out of the property of the Cooperative Society and shall pay or make adequate provision for all claims against the Cooperative Society. (2) After paying or making adequate provision for all claims against the Cooperative Society, the liquidator shall apply to the Registrar for approval of his final accounts and for permission to distribute in money or in kind the remaining property of the Cooperative Society in accordance with the bye-laws. (3) Where the Registrar approves the final accounts rendered by a liquidator in pursuance of sub-section (2), he shall (a) issue directions with respect to the custody or disposal of the documents and records of the Cooperative Society; and (b) discharge the liquidator, (4) Where the Registrar discharges a liquidator pursuant to sub-section (3), he shall issue a certificate of dissolution. (5) The Cooperative Society ceases to exist on the date shown in the certificate of dissolution, which shall not be later than twenty-four months after appointment of the liquidator.