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Co-Operative Societies Act 2008


172. Closure of liquidation

1.     In the liquidation of a registered society the funds, including the Reserve Fund, shall be applied as follows—

a.     firstly to the costs of liquidation;

b.    secondly to the discharge of the liabilities of the society;

c.     thirdly to the payment of share capital;

d.    fourthly, if the by- the society permit, to the payment of a dividend at a rate not exceeding the percent per annum for any period during which no distribution of profits has been made.

2.     Any surplus remaining after the application of the funds to the purposes specified in subsection (1) may, at the discretion of the Registrar, be used for any co-operative purpose he considers fit.

3.     Where the liquidation is closed pursuant to subsection (1), the Registrar shall—

a.     issue directions with respect to the custody or disposal of the documents and records of the society; and

b.    discharge the liquidator.

4.     Where the Registrar discharges a liquidator pursuant to subsection (3), he shall issue a certificate of dissolution in the prescribed manner.

5.     The society ceases to exist on the date shown in the certificate of dissolution.



Co-Operative Societies Act 2008 Back




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