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section 53

Dissolution by members

The Orissa Self-Help Co-Operatives Act, 2001
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Chapter 9 DISSOLUTION

Statutory text
  1. (1) A Co-operative may, by a special resolution, move for its own dissolution: Provided that a notice of the general body meeting shall be sent by registered post with an invitation to attend such meeting to the Registrar, to the creditors, if any, Secondary Co-operative to which the Co-operative is affiliated, and to any Co-operative with which a partnership contract has been entered into.
  2. (2) Invitees specified under the proviso of sub-section
  3. (1) shall have the right to make a representation to the general body, if they so wish, on the issue of the proposed dissolution.
  4. (3) Within fifteen days of such move for dissolution, the Co-operative shall send to the Registrar a copy by registered post of the move to dissolve the Co-operative.
  5. (4) The move approved in pursuance of sub-section
  6. (1) is required to set out—
    • (a) the assets and liabilities of the Co-operative;
    • (b) the up-to-date audit report;
    • (c) the claims of creditors;
    • (d) the number of members;
    • (e) the nature and extent of members' interest in the Co-operative; and
    • (f) the name and address of the liquidator appointed by the Co-operative.
  7. (5) When the Registrar receives the special resolution passed in pursuance of sub-section (1)—
    • (i) where the Co-operative has no assets and liabilities, he/she may dissolve the Co-operative, strike off its name from the register of Co-operatives and issue a certificate of dissolution; and
    • (ii) where the Co-operative has assets or liabilities, the liquidator shall, within thirty days from the date of passing of special resolution, cause at the expense of the Co-operative a notice of the special resolution to be published once in the gazette and once a week for two consecutive weeks in a newspaper published or distributed in the district where the registered office of the Co-operative is located.
  8. (6) In the case of dissolution, under sub-section
  9. (5) above, the Registrar may require, till the certificate of dissolution is issued by him/her, from the liquidator appointed by the Co-operative 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.

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