Duties of a liquidator

Duties of a liquidator

1. (a) immediately give notice of his/her appointment to the Registrar, the Secondary Co-operative, if any, or to the member Co-operatives, as the case may be, and to each claimant and creditor of the Co-operative;
2. (b) take reasonable steps to give notice of the liquidation where the Co-operative carried on business as referred under sub-section

1. (5) of section 53;
   • (c) place in the notice mentioned in clauses
   • (a) and
   • (b) a provision requiring any person—
     • (i) indebted to the Co-operative to render an account and pay to the liquidator at the time and place specified any amount owing;
     • (ii) possessing property of the Co-operative to deliver it to the liquidator at the time and place specified; and
     • (iii) having a claim against the Co-operative, whether liquidated, unliquidated, future or contingent, to present particulars of the claim in writing to the liquidator not later than sixty days after the first publication of the notice;
   • (d) take into custody and control the property of the Co-operative;
   • (e) open and maintain a trust account for the money of the Co-operative;
   • (f) keep accounts of the moneys of the Co-operative received and paid out by him/her;
   • (g) maintain separate list of the members, creditors and other persons having claim against the Co-operative;
   • (h) where at any time he/she determines that the Co-operative is unable to pay or adequately provide for the discharge of its obligations, seek the suggestion from the general body as to the undischarged liabilities; and
     • (i) deliver to the Registrar/General Body, periodical returns as the Registrar/General Body may require, financial statements of the Co-operative in any form which the liquidator considers proper or of the Registrar/General Body may require.