Duties of liquidator

A liquidator shall: (a) immediately give notice to each claimant and creditor, known to the liquidator; (b) immediately publish a notice regarding his/her appointment as liquidator in the Gazette, and once a week for two consecutive weeks in a local newspaper of the area where the co-operative has its registered office; (c) place in the notice mentioned in clause (a) and (b), a provision requiring any person; (i) indebted to the co-operative, to render an account and pay to the liquidator at the time and place specified any amount owing; (ii) possessing property to the co-operative, to deliver it to the liquidator at the time and place specified; and (iii) having a claim against the co-operative, whether liquidated, un-liquidate, future or contingent, to present particulars of the claim in writing to the liquidator; Not later than sixty days from the first publication of the notice. (d) take into custody and control the property of the co-operative; (e) open and maintain a trust account for the moneys of the co-operative; (f) keep accounts of the moneys of the co-operative received and paid out by him/her; (g) maintain separate lists of the members, creditors and other persons having claims against the co-operative; (h) where at any time the liquidator determines that the co-operative is unable to pay or adequately provide for the discharge of its obligation, apply to the Registrar/ general body as the cause may be, for directions; and (i) deliver to the Registrar/general body, periodically as the Registrar/ general body may require, financial statements of the co-operative in any form that the liquidator considers proper or that the Registrar/general body may require.