Amendment status not verified — confirm the current text below against the official source.
Powers of liquidator. —(1) The liquidator may- (a) retain lawyers, accountants, engineers, appraises 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 Cooperative Society; (c) carry on the business of the Cooperative Society as required for an orderly liquidation; (d) sell by public auction any property of the Cooperative Society; (e) do all acts and execute any documents in the name and on behalf of the Cooperative Society; (f) borrow money on the security of the property of the Cooperative Society; (g) settle or compromise any claims by or the Cooperative Society; and (h) take all other steps that he considers necessary for the liquidation of the Cooperative Society and distribution of its properties and funds. (2) Where a liquidator has reason to believe that any persbn has in his possession or under his control, has concealed, withheld or misappropriated any property of the Cooperative Society he may apply to the court for proceeding into the matter in accordance with law. (3) Where the proceeding under sub-section (2) discloses that a person has concealed, withheld or misappropriated of the Cooperative Society, the Court may order that person to restore the property of pay compensation to the liquidator on behalf of the Cooperative Society. (4) No liquidator or his relatives shall purchase, directly or indirectly any part of the stock-in-trade, debts or assets of the Cooperative Society.