Powers of liquidator

(1) Subject to any rules made in this behalf the whole of the assets of a registered society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under section 127 from the date on which the order takes effect and the liquidator shall have power to realize such assets by sale or otherwise. (2) Subject to the control of the Registrar, such liquidator shall also have power.- (a) to institute and defend suits and other legal proceedings on behalf of the registered society by his name of office; (b) to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers or former officers, to the assets of the society; (c) to investigate all claims against the registered society, and subject to the provisions of this Act, to decide questions of priority arising between claimants; (d) to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging to or in the custody of the society by the same means and so far as may be in the same manner as is provided in the case of a civil court under the provisions of law relating to civil procedure for the time being in force in Puducherry. (e) subject to any rules made in this behalf, to pay claims against the registered society including interest upto the date of winding up according to their respective priorities, if any, in full or ratably as the assets of the society may permit; to apply the surplus, if any, remaining after payment of the claims for the payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case. (f) to determine by what persons and in what proportions the costs of the liquidation are to be borne; (g) to determine whether any person is a member, past member or nominee of deceased member; (h) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society; (i) to carry on the business of the society so far as may be necessary for the beneficial winding up of the same; (j) with the previous approval of the prescribed authority to make any compromise or arrangement with creditors or persons having any claim, present or future, whereby the society may be rendered liable; (k) with the previous approval of the prescribed authority, to compromise all calls or liabilities to any calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the society and alleged contributory or other debtor or a contributory or person apprehending liability to the society and all questions anyway relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof. (2) (xxiv) prescribe the procedure to be followed by a liquidator appointed under section 127 and provide for the disposal of the surplus assets, if any, of the society; (xxv) prescribe the procedure to be followed in presenting and disposing of all appeals and applications for revision and review under this Act and the fees to be paid in respect of such appeals and applications; (xxvi) prescribe the period for which and the terms under which aid may be given by the Government to co-operative societies and the terms under which the Government may guarantee the payment of interest on debentures issued or deposits received by co-operative societies; (xxvii) provide for the custody of property attached under this Act; (xxviii) provide for the issue and service of processes and for proof of service thereof; (xxix) provide for the levy of fees for granting certified copies of documents in the Registrar’s office; (xxx) provide for the investigation of claims and objections that may be preferred against any attachment effected by the Registrar or any person empowered by him; (xxxi) provide for the recovery of costs awarded against the Government in cases under section 82; (xxxii) prescribe the procedure for the attachment and sale of property under section 133; (xxxiii) prescribe the procedure and the disposal of the business of the Tribunal; (xxxiv) prescribe the procedure to be followed and provide for other matters dealt with in Chapter X of this Act; and (xxxv) provide for all matters expressly required or allowed by this Act to be prescribed by rules. (3) All rules made under this Act shall be published in the Official Gazette and unless they are expressed to come into force on a particular day, shall come into force on the day on which they are so published. (4) All rules made under this Act shall, as soon as may be after it is made, be laid before the Legislative Assembly of Puducherry while it is in session for a total period of not less than fourteen days which may be comprised in one session or in two or more successive sessions and if, before the expiry of the session in which it is so laid or the sessions aforesaid, the Assembly makes any modifications in the rule or decides that the rules should not be made, the rules shall thereafter have effect only in such modified form or be of no effect, as the case may be, so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.