Vidhi Codex

section 39

Dissolution by members.

The Telangana Mutually Aided Co-operative Societies Act, 1995
Corporate199554 sections
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Statutory text
  1. (1) A Co-operative Society may, by a special resolution, authorize its own dissolution: Provided that a notice of the general meeting shall also be sent with an invitation to attend, to the Registrar, to any federations of which the Co-operative Society is affiliated, to creditors and to any organisation with which a partner-ship contract has been entered into.
  2. (2) Invites under the proviso of sub-section (1) shall have the right to make a representation to the general body if they so wish to, giving reasons why dissolution is not called for.
  3. (3) Within fifteen days of such authorization for dissolution, the Co-operative Society shall send to the Registrar a copy of the authorisation to dissolve the Co-operative Society by registered post.
  4. (4) The authorisation approved in pursuance of subsection (1) is required to set out the following, namely:-
    • (a) the assets and liabilities of the Co-operative Society;
    • (b) the claim of creditors, and collaborators and protected shareholders;
    • (c) the number of members;
    • (d) the nature and extent of the member’s interest in the Co-operative Society; and
    • (e) the name of the liquidator, if appointed by the general body, or a request to the Registrar to appoint the liquidator or a request to the Registrar to issue a certificate of dissolution where there are no assets or liabilities.
  5. (5) Where the Registrar receives the special resolution passed in pursuance of sub-section (1), he shall cause at the expense of the Co-operative Society a notice of the special resolution to be published once a week for two weeks in a newspaper published or distributed in the district where the registered office of the Co-operative Society is located.
  6. (6) The Registrar may require from the Co-operative Society, the liquidator appointed by the Co-operative Society 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 if any require.

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