Final accounts

General200162 sections8 chapters

Chapter 9 DISSOLUTION

Statutory text

(1) A liquidator shall pay the costs of liquidation out of the property of the Co-operative and shall pay or make adequate provision for all claims against the Co-operative.
(2) After paying or making adequate provision for all claims against the Co-operative, the liquidator shall apply to the Registrar for approval of his/her final accounts and for permission to distribute in money or in kind the remaining property of the Co-operative in accordance with the articles of association.
(3) Where the Registrar approves the final accounts rendered by a liquidator in pursuance of sub-section (2), he/she shall—
- (a) issue directions with respect to the custody or disposal of the documents and records of the Co-operative; and
- (b) discharge the liquidator.
(4) Where the Registrar discharges a liquidator in pursuance of sub-section (3), he/she shall dissolve the Co-operative, issue a certificate of dissolution and strike off its name from the register of Co-operatives.
(5) The Co-operative ceases to exist on the date shown in the certificate of dissolution, which shall not be later than two years after the appointment of the liquidator.

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