Amendment status not verified — confirm the current text below against the official source.
(1) The winding up proceedings of a society shall be closed within three years from the date of the order of the winding up, unless the period is extended by the Registrar : Provided that the Registrar shall not grant any extension for a period exceeding one year at a time and four years in the aggregate, and shall immediately after the expiry .of seven years from the date of the order for winding up of the society, deem that the liquidation V of 1908 Effect of order of winding up. Bar or suit in winding up and dissolution matters. Audit of Liquidator's accounts. Termination of liquidation proceedings. proceedings have been terminated and pass an order terminating the liquidation proceedings. Explanation - In the case of a society which is under liquidation at the commencement of this Act, an order for the winding up of the society shall be deemed for the purpose of this section to have been passed on the date of such commencement. (2) Notwithstanding anything contained in the foregoing sub-section the Registrar shall terminate the liquidation proceedings on receipt of the final report from the Liquidator. The final report of the Liquidator shall state that the liquidation proceedings of the society have been closed and how the winding has been conducted and the property of and the claims of the society have been disposed of and shall include a statement showing a summary of the account of the winding up including the cost of liquidation the amount (if any) standing to the credit of the society in liquidation, after paying of its liabilities including the share on interest of members, and suggest how the surplus should be utilized. (3) The Registrar, on receipt of the final report from the Liquidator, shall direct the Liquidator to convene a general meeting of the members of the society for recording his final report.