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Co-Operative Societies Act 2008


169. Powers of liquidator

1.     The liquidator may, in the course of his duties as liquidator—

a.     retain attorneys-a-law, accountants, engineers, appraisers and other professional advisors;

b.    bring, defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the society;

c.     carry on the business of the society as required for an orderly liquidation;

d.    sell by public auction or private sale any property of the society;

e.     do all acts and execute any documents in the name and on behalf of the society;

f.     borrow money on the security of the property of the society;

g.    settle or compromise any claims by or against the society; and

h.     do all other things that he considers necessary for the liquidation of the society and distribution of its property.

2.     Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the society, he may apply to the Court for an order requiring that person to appear before the Court at the time and place designated in the order and to be examined.

3.     Where the examination mentioned in subsection (2) discloses that a person has concealed, withheld or misappropriated property of the society, the Court may order that person to restore the property or pay compensation to the liquidator on behalf of the society.

4.     Subject to the approval of the Registrar, no liquidator shall purchase, directly or indirectly, any part of the stock-in-trade, debts or assets of the society.



Co-Operative Societies Act 2008 Back




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