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Co-Operative Societies Act 2008

157. Required actions of receiver

A receiver or receiver-manager shall-

a.      in the case of a receiver or receiver-manager appointed by the Court or pursuant to an instrument, immediately notify the Registrar of his appointment or discharge;

b.     take into his custody and control the property of the society in accordance with the Court order, order of the Registrar or instrument pursuant to which he is appointed;

c.      open and maintain a bank account in his name as receiver or receiver-manager of the society for the moneys of the society coming under his control;

d.     keep detailed accounts of all transactions carried out by him as receiver or receiver-manager;

e.      keep accounts of his administration that he shall cause to be available during usual business hours for inspection by the directors of the society, the Registrar or any person authorised by the Registrar;

f.      prepare at least once in every 6 month period after the date of his appointment financial statements of his administration, as far as is practicable, in the form required in section 124;

g.     on completion of his duties, render a final account of his administration in the form he has adopted for preparation of interim accounts pursuant to paragraph (f) ; and

h.      file with the Registrar a copy of any financial statement mentioned in paragraph (f) and any final account mentioned in paragraph (g) within 15 days of the preparation of the financial statement or rendering of the final account, as the case may be.

Cooperative Societies Act, 2008 Back

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