Liquidator

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Chapter XI WINDING UP AND DISSOLUTION OF CO-OPERATIVE SOCIETIES

Statutory text

(1) Where the Registrar has made an order under section 61 for the winding up of a co-operative society he may appoint a Government servant, not below the rank of Inspector, co-operative to be a Liquidator for the purpose and fix his remuneration.
(2) A Liquidator shall, on appointment, take into his custody or under his control, all the property, effects and actionable claims to which the society is, or appears to be entitled and shall take such steps as he may deem necessary or expedient to prevent loss or deterioration of, or damage to, such property, effects and claims.
(3) Where an appeal is preferred under section 104, an order of winding up of a co-operative society made under section 61 shall not operate thereafter until the order is confirmed in appeal: Provided that the Liquidator shall continue to have custody or control of the property, effects and actionable claims mentioned in subsection (2) and have authority to take the steps referred to in that subsection.
(4) Where an order of winding up of co-operative society is setaside in appeal, the property, effects and actionable claims of the society shall re-vest in the society

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