Liquidation of cooperative societies. Circumstances of winding up Registrar by opinion Inquiry held under sec 65 Inquiry held under sec 66 Application.

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Liquidation of cooperative societies

Circumstances of winding up Registrar by opinion Inquiry held under sec 65 Inquiry held under sec 66 Application by 3/4 th members By his own motion by order Number of members less than 25 Not commenced business within 6 months of registration Number of workers falls below the prescribed limit (WCS)

The registrar after – Giving an opportunity of making representation – Consult with the financing bank – Circle cooperative union Give direction to wind up. Appoint liquidator sec 72- who shall takeover property, actionable claim of the society

Power of the Liquidator Whole assets of the society shall be vest in the liquidator- power to realise by sale or otherwise To file or defend suits on behalf of the society To determine the contribution to be made by members To investigate all claims against the society Pay claims against the society and fix priority To determine whether any person is a member/nominee of a deceased member /past member To give directions for collection or distribution of assets To carry on the business of the society, necessary for the beneficial winding up. To compromise all debts and liabilities.

Procedure to be adopted Appointment shall be notified by registrar in the official gazette. Liquidator shall – Publish all properties of the society – Give notice to all claims against the society – Proceed to determine contribution by members, past members, nominees or legal heirs, officers or former officers – Submit quarterly reports to registrar – Deposits all funds in bank approved by the registrar – Call meetings of members and creditors

Procedure to be adopted – At the conclusion of the winding up- call general meeting of members – If any liability cannot be discharged due to unaware of the wareabouts – deposits the same in a bank approved by the registrar – Shall complete the proceedings of winding up within 3 years (if not completed and the reason is beyond the control of the liquidator, may apply for extending the for a period of 1 year). Registrar shall fix the amount of remuneration to liquidator