final accounts

(1) The liquidator shall pay the costs of liquidation out of the property of the co-operative and shall pay or make adequate provision for all claims against the co-operative. (2) After paying or making adequate provision for all claims against the co-operative, the liquidator shall apply to the Registrar for approval of the final accounts and for permission to distribute in money or in kind the remaining property of the co-operative in accordance with the articles of association. (3) Where the Registrar approves the final accounts rendered by a liquidator in pursuance of sub-section (2), he/she shall: (a) issue directions with respect to the custody or disposal of the documents and records of the co-operative; and (b) Discharge the liquidator. (4) Where the Registrar discharges a liquidator in pursuance of sub-section (3), he/she shall dissolve the co-operative, issue a certificate of dissolution and strike off its name from the register of co-operatives. (5) The co-operative ceases to exist on the date shown in the certificate of dissolution.