Amendment status not verified — confirm the current text below against the official source.
Appointment of Liquidator. - (1) Where the Registrar has made an order under section 69 for the winding up of a society, he may appoint a liquidator for the purpose and fix his remuneration and may also remove at any time any person appointed as liquidator and appoint another instead: Provided that in respect of a co-operative bank ordered to be wound up on requisition from the Reserve Bank, the liquidator shall not be appointed or removed without the previous sanction of Reserve Bank. (2) A liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the society is or appears to be entitled and shall take such steps as he may deem necessary or expedient, to prevent loss deterioration of, or damage to such, property, effects and claims. (4) Where an order of winding up of a society is set aside in appeal, the property, effects and actionable claims of the society shall revert in the society's 70-A. Control of liquidator. - After the appointment of the liquidator, all powers of the Committee of a Society, whether elected or nominated, shall cease and the employees of the Society shall thereafter work under the control and supervision of the liquidator.