(1) Subject to any rules made in this behalf, the whole of the
assets of a co-operative society in respect of which an order for winding
up has been made shall vest in the liquidator appointed under section 63
from the date on which the order takes effect and the liquidator shall have
power to realise such assets by sale or otherwise.
(2) Such liquidator shall also have power, subject to the control of the Registrar, -
(a) to institute and defend suits and other legal proceedings on behalf of the co-operative society by the name of his office;
(b) to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers of former officers, to the assets of the society;
(c) to investigate all claims against the co-operative society and subject to the provisions of this Act, to decide questions of priority arising between claimants in accordance with the rules;
(d) to pay claims against the co-operative society including interest upto the date of winding up according to their respective priorities, if any, in full or rateably, as the assets of the society may permit; the surplus, if any, remaining after payment of the claims being applied in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case;
(e) to determine by what persons and in what proportions the costs of the liquidation are to be borne;
(f) to determine whether any person is a member, past member or nominee of a deceased member;
(g) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society;
(h) to carry on the business of the society so far as may be necessary for the beneficial winding up of the same;
(i) to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, present or future, whereby the society may be rendered liable;
(j) to compromise all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist, between the society and a contributory or alleged contributory or other debtor or person apprehending liability to the co-operative society and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and to take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof;
(k) to fix the time or times within which creditors shall prove their debts and claims to be included for the benefit of any distribution made before those debts or claims are proved;
72[(l) to write off, subject to the approval of the Registrar, such claims of the society, whereafter all possible efforts, the claims are found irredeemable;
(m) to declare a claim against the society as 'not payable' in whole or in part, where the society does not have enough redeemable resources to pay such claims;
(n) to surrender and transfer an immovable property to the Government, where, in the opinion of the Registrar, it is in wider public interest to do so in the manner as may be prescribed;
(o) to entrust, with the special permission of the Government to that effect, an immovable property such as a community centre, which is being used by the local residents of the area for their general welfare and community activities, to a society of such residents exclusively formed to maintain such common facility without having any other objectives in its bye-laws, in the common interest of such residents:
Provided that in case, it is found that the property entrusted to the society of the residents for community activities, is being used for an activity other than the community activities for which it was entrusted to the society, the property shall revert back to the Government :]
73[Provided Further that ] no liquidator shall determine the contribution, debt or dues to be recovered from a member, past member, or a nominee, heir or representative of a deceased member unless opportunity has been given to such member, past member or nominee, heir or representative of the deceased member of being heard.
(3) When the affairs of a co-operative society have been wound up, the Liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.
(2) Such liquidator shall also have power, subject to the control of the Registrar, -
(a) to institute and defend suits and other legal proceedings on behalf of the co-operative society by the name of his office;
(b) to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers of former officers, to the assets of the society;
(c) to investigate all claims against the co-operative society and subject to the provisions of this Act, to decide questions of priority arising between claimants in accordance with the rules;
(d) to pay claims against the co-operative society including interest upto the date of winding up according to their respective priorities, if any, in full or rateably, as the assets of the society may permit; the surplus, if any, remaining after payment of the claims being applied in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case;
(e) to determine by what persons and in what proportions the costs of the liquidation are to be borne;
(f) to determine whether any person is a member, past member or nominee of a deceased member;
(g) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society;
(h) to carry on the business of the society so far as may be necessary for the beneficial winding up of the same;
(i) to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, present or future, whereby the society may be rendered liable;
(j) to compromise all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist, between the society and a contributory or alleged contributory or other debtor or person apprehending liability to the co-operative society and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and to take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof;
(k) to fix the time or times within which creditors shall prove their debts and claims to be included for the benefit of any distribution made before those debts or claims are proved;
72[(l) to write off, subject to the approval of the Registrar, such claims of the society, whereafter all possible efforts, the claims are found irredeemable;
(m) to declare a claim against the society as 'not payable' in whole or in part, where the society does not have enough redeemable resources to pay such claims;
(n) to surrender and transfer an immovable property to the Government, where, in the opinion of the Registrar, it is in wider public interest to do so in the manner as may be prescribed;
(o) to entrust, with the special permission of the Government to that effect, an immovable property such as a community centre, which is being used by the local residents of the area for their general welfare and community activities, to a society of such residents exclusively formed to maintain such common facility without having any other objectives in its bye-laws, in the common interest of such residents:
Provided that in case, it is found that the property entrusted to the society of the residents for community activities, is being used for an activity other than the community activities for which it was entrusted to the society, the property shall revert back to the Government :]
73[Provided Further that ] no liquidator shall determine the contribution, debt or dues to be recovered from a member, past member, or a nominee, heir or representative of a deceased member unless opportunity has been given to such member, past member or nominee, heir or representative of the deceased member of being heard.
(3) When the affairs of a co-operative society have been wound up, the Liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.
72 Added by Act No 7 of 2016 (w.e.f. 4.4.2016).
73 Substituted by Act No. 7 of 2016(w.e.f. 4.4.2016).