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Co-Operative Societies Act 2008

151. Functions of receiver

1.      Subject to the rights of secured creditors, a receiver of any property of a society mayŚ

a.      receive the income from the property and pay the liabilities connected with the property; and

b.     realise the security interest of those on whose behalf he is appointed.

2.      Notwithstanding subsection (1) and subject to any order that the Court may make pursuant to section 155, a receiver who is not appointed manager of a society shall not carry on the business of the society.

Cooperative Societies Act, 2008 Back

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