Amendment status not verified — confirm the current text below against the official source.
Duties of Liquidator.- (1) The liquidator immediately after he assumes the charge of office of liquidator, shall intimate the same to the Registrar and Federal Co-operative, to each claimant, share holder and to each creditor of the Co-operative. 3[the Liquidator, as so appointed, shall take the charge and enlist the asset and liabilities of the co-operative and obtain approval for the priority list from the Registrar and shall commence the liquidation process after such approval only.]3 A notice of his appointment shall also be published in the Gazette once in a week for two consecutive weeks and in the newspaper published or distributed in the place where the registered office of the Co-operative is situated. He shall also take reasonable steps to give notice of the liquidation of such Co-operative in the area where the Co-operative carried on its business. (2) The notice issued under subsection (1) shall specify,- (i) the amount indebted to the Co-operative and the time and place for payment of amount due to the Co-operative by the debtor to the liquidator; and (ii) the time and place of delivery of the property of the Co-operative to the liquidator; and (iii) the present or future position of the claims against the Co-operative whether liquidated or otherwise, and shall require all the persons concerned to comply with such notice not later than two months after the first publication of the notice. (3) The liquidator shall,- (a) take into custody and control the property of the Co-operative; (b) prepare a statement of assets and liabilities of the Co-operative under liquidation and send a copy of such statement to the Federal Co-operative and to the Registrar 1 [and in the case of a Co-operative Bank, also to Reserve Bank] 1 (c) open and maintain a trust account for the money of the Co-operative; (d) keep accounts of the money of the Co-operative received and paid out by him; (e) maintain separate lists of the members, creditors and other persons having claims against the Co-operative; 2 [(f) where at any time, he determines that the co-operative or the co-operative bank is unable to pay or adequately provide for the discharge of its obligations, apply in the case of a Co-operative Bank to Reserve Bank, and in other cases to the Registrar for directions;] 2 (g) deliver to 2 [the Registrar] 2 atleast once in every six months, period or more often as the 2 [the Registrar] 2 may require, financial statements of the Co-operative in any form that the liquidator considers proper or that the 2 [the Registrar] 2 may require 1 [and in the case Cooperative Bank, deliver such financial statement also to the Reserve Bank.] 1 4[(h) The liquidation process of winding up of a Souhardha cooperative and Souhardha Cooperative banks under sub-section (4) of section 47 and sub-section (5) and (7) of section 48 shall be completed within two years, which may, however be extended by the Registrar for the reasons to be recorded in writing for a further period of one year: Provided that the State Government shall, on a report made by the Registrar shall have power to extend the period, for the reasons to be recorded if it is satisfied that, there are genuine grounds for the extension. (i) The procedure to be adapted by the Liquidator shall be such as may be prescribed.]4