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Co-Operative Societies Act 2008

170. Limitation on liability of liquidator

1.      A liquidator is not liable where he relies in good faith onó

a.      financial statements of the society represented to himó

                      i.         by an officer of the society; or

                     ii.         by the auditor of the society in a written report that states that the financial statements reflect fairly the financial condition of the society; or

b.     an opinion, a report or a statement of an attorney-at-law, an accountant, an engineer, an appraiser or other professional advisor retained by the liquidator.

Cooperative Societies Act, 2008 Back

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