Section 294

(a) All funds in the charge of a liquidator shall be deposited in the post Office Savings Bank or in a Central Co-operative Bank or with any bank as may be approved by the Registrar. All such accounts shall be operative by the liquidator. (b) All moneys received during the course of winding up of the co-operative society shall be deposited in the account mentioned in Sub-rule(a). (c) All payments out of the aforesaid account shall be made by the liquidator. (d) All receipts and payment shall be accounted for in the records maintained for the purpose by the liquidator.