Amendment status not verified — confirm the current text below against the official source.
Powers of liquidators - (1) The liquidator may,- (a) retain lawyers, accountants, engineers, appraiser and other professional advisors; (b) bring, defend or take part in any civil, criminal or, administrative action or proceeding in the name and on behalf of the Co-operative Society; (c) carry on the business of the Co-operative Society as required for an orderly liquidation; (d) shall by public auction any property of the Co-operative Society; (e) do all acts and execute any documents in the name and on behalf of the Co-operative Society; (f) borrow money on the security of the property of the Co-operative Society; (g) settle or compromise any claims by or against the Co-operative Society; and (h) do all other things that he considers necessary for the liquidation of the Co-operative Society and distribution of its property. (2) Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the Co-operative Society, he may apply to the special court for an order requiring that person to appear before the court at the time and placed, designated in the order and to be examined. (3) Where the examination mentioned in sub-section (2) discloses that a person has concealed, withheld or misappropriated property of the Co- operative Society, the special court may order that person to restore the property or pay compensation to the liquidator on behalf of the Co-operative Society. (4) No liquidator shall purchase, directly or indirectly, an part of the stock-in-trade, debts or assets of the Co-operative Society.