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Co-Operative Societies Act 2008

177. Power of Registrar to surcharge

1.      Where, in the course of the dissolution of a society it appears that any person who has taken part in the organisation or management of such society or any past or present officer of the society has misapplied or retained or become liable or accountable for any money or property of the society or has been guilty of misfeasance or breach of trust in relation to such society, the Registrar may, on the application of the liquidator or of any creditor or contributory, or on his own accord carry out an examination into the conduct of such person and make an order requiring him to repay or restore the money as the Registrar thinks just or to contribute such sum to the assets of the society by way of compensation in respect of the misapplication, retainer, dishonesty or breach of trust as the Registrar thinks just.

2.      This section shall apply notwithstanding that the act is one for which the offender may be criminally responsible.

Cooperative Societies Act, 2008 Back

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