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Co-Operative Societies Act 2008


174. Remuneration of liquidator

1.     Where there is no agreement or provision fixing the remuneration of a liquidator, he is entitled to a commission based on the net proceeds of the estate of the society realised after deducting his expenses and disbursements.

2.     The amount of the commission mentioned in subsection (1) is equal toŚ

a.     5 percent on the first $1,000 realised;

b.    2.5 percent on the next $4,000 realised; and

c.     1.25 percent on any sum greater than $5,000 realised.

3.     Where a liquidator applies to the Registrar, he may increase the amount of commissions set out in subsection (2).

4.     A liquidator is not entitled to any fee or charge for his services in addition to the commission allowed pursuant to this section.



Co-Operative Societies Act 2008 Back




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