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Co-Operative Societies Act 2008

176. Unknown claimants or members

1.      On the dissolution of a society, the liquidator shall convert into money the portion of the property distributable to a creditor or member who cannot be found after a reasonable investigation and shall deposit the money in a registered society or with trustees appointed by the Registrar.

2.      A payment pursuant to subsection (1) is deemed to be in satisfaction of a debt or claim of such creditor or member.

3.      Where a creditor establishes within 3 years after the dissolution of a society that he is entitled to any moneys paid, pursuant to subsection (1), to a registered society or to trustees appointed by the Registrar, the society or the Registrar, as the case may be, shall apply the amount of the claim out of the moneys deposited.

4.      Where moneys deposited pursuant to this section are not distributed within 3 years after the dissolution of a society then, subject to the approval of the Registrar, the society or the trustees appointed by the Registrar shall distribute those moneys in accordance with sections 171(1) and 172 or the by-laws.

Cooperative Societies Act, 2008 Back

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