Final Accounts

(1) A Liquidator shall pay the costs of liquidation out of the property of the Co-operative Society and shall pay or make adequate provision for all claims against the Co-operative Society. (2) Subject to the provision of Section 60 after paying or making adequate provision for all claims against the Co-operative Society, the Liquidator shall apply to the Registrar for approval of his/her final accounts and for permission to distribute in cash or in kind the remaining property of the Co-operative Society in accordance with the Bye-Laws. (3) Where the Registrar approves the final accounts rendered by a Liquidator under sub-section (2), he/she shall (a) Issue direction with respect to the custody or disposal of the documents and records of the Co-operative Society; and (b) Discharge the Liquidator. (4) Where the Registrar discharges a Liquidator under sub-section (3) the Registrar shall dissolve the Co-operative Society, issue a certificate of dissolution and delete its name from the Registrar of Co-operative Societies. (5) The Co-operatives Society ceases to exist on the date shown in the certificate of Dissolution, which shall not be later than eight years after the appointment of the Liquidator.