Amendment status not verified — confirm the current text below against the official source.
(1) A liquidator shall pay the costs of liquidation out of the property of the cooperative society and shall pay or make adequate provision for all claims against the cooperative society. (2) Subject to the provisions of section-60 after paying or making adequate provision for all claims against the cooperative society, the liquidator shall apply to the Registrar for approval of his final accounts and for permission to distribute in cash or in kind the remaining property of the cooperative society in accordance with the bye-laws. (3) Where the Registrar approves the final accounts rendered by a liquidator under sub-section(2), he shall - (a) issue direction with respect to the custody or disposal of the documents and records of the cooperative society; and (b) discharge the liquidator. (4) Where the Registrar discharges a liquidator under sub-section(3) the Registrar shall dissolve the cooperative society, issue a certificate of dissolution and delete its name from the Register of Co-operative. Societies (5) The cooperative society ceases to exist on the date shown in the certificate of dissolution,, which shall not be later than eight years after the appointment of the liquidator. BAR OF SUIT