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Co-Operative Societies Act 2008

168. Duties of liquidator

On his appointment, a liquidator shall-

a.      immediately give notice of his appointment-

              i.         in the case of a liquidator not appointed by the Registrar, to the Registrar; and

             ii.         to each claimant and creditor known to the liquidator;


b.     immediately publish notice of his appointment in the Gazette and once a week for 2 consecutive weeks in a newspaper printed and published in ;

c.      set out in the notice mentioned in paragraphs (a) and (b) a provision requiring any person-

              i.         indebted to the society, to render an account and pay to the liquidator at the time and place specified;

             ii.         possessing property of the society, to deliver it to the liquidator at the time and place specified; and

            iii.         having a claim against the society, whether liquidated, unliquidated, future or contingent, to present particulars of the claim in writing to the liquidator not later than 2 months after the first publication of the notice;




d.     take into his custody and control the property of the society;

e.      open and maintain a trust account for the moneys of the society;

f.      maintain separate lists of the members, creditors and other persons having claims against the society;

g.     keep accounts of the moneys of the society received and paid out by him;

h.      where at any time he determines that the society is unable to pay or adequately provide for the discharge of its obligations, apply to the Registrar for directions; and

i.       deliver to the Registrar and the society, at least once in every twelve-month period after his appointment or more often as the Registrar may require, financial statements of the society in the form required in section 124 or in any form that the liquidator considers proper or that the Registrar may require.

Cooperative Societies Act, 2008 Back

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