Section 307

(a) The winding up proceedings of a co-operative society shall ordinarily be closed within a period of three years from the date the order of winding up takes effect, unless the period is extended by the Registrar: Provided that the Registrar shall not grant any extension for a period exceeding one year at a time and the total period of such extension shall not exceed more than 5 years, with the approval of the State Government this period can be extend maximum upto 10 years. (b) As soon as winding up proceedings are completed, the Registrar shall pass orders cancelling the registration of the co-operative society.