Amendment status not verified — confirm the current text below against the official source.
Dissolution by members (1) A Cooperative Society may, by a special resolution, authorise its own dissolution: Provided that a notice of the general meeting shall also be sent with an invitation to attend, to the Registrar, to any federation of which the Cooperative Society is affiliated, to creditors and to any organisation with which a partnership contract has been entered into. (2) Invitees under the proviso of sub-section (1) shall have the right to make representation to the general body if they so wish to, giving reasons why dissolution is not called for. (3) Within fifteen days of such authorisation for dissolution, the Cooperative Society shall send to the Registrar a copy of the authorisation to dissolve the Cooperative Society. (4) The authorisation approved in pursuance of sub-section (1) shall be required to set out the following namely: (a) the asset and liabilities of the Cooperative Society; (b) the claims of creditors, and collaborators and protected share holders; (c) the number of members; (d) the nature and extent of the members interest in the Cooperative Society; and (e) the name of the liquidator, if appointed by the general body, or a request to the Registrar to appoint the liquidator or a request to the Registrar to issue a certificate of dissolution where there are no assets or liabilities. (5) Where the Registrar receives the special resolution passed in-pursuance of sub-section (1) he shall cause at the expense of the Cooperative Society a notice of the special resolution to be published once a week for two weeks in a newspaper published or distributed in the district where the registered office of the Cooperative Society is located. (6) The Registrar may require from the Cooperative Society, the liquidator appointed by the Cooperative Society or any other person who is required to furnish information, a periodical return showing: (a) the progress of dissolution; (b) the distribution of any undistributed surplus or reserve; and (c) any other relevant information that he may require.