Amendment status not verified — confirm the current text below against the official source.
(1) The Winding up proceedings of thewsoeiety shall be closed Within three years from the date of the order of the winding up, unless the period is extended by the Registrar ; Provided that, the Registrar shall not grant any extension for a period exceeding one year at a time and four years in the aggregate and shall, immediately after the expiry of seven years fro: the date of the order for Winding up of the society, deem that the Liquidation proceedings have been terminated, and pass an order terminating the liqu idation pro ceedings, Explanation—In the case of a society Which is under liquidation at the commencement of this Act and order for the Winding up of the society shall be deemed for the purpose of this section to have been passed on the date of such commencement. (2) Notwithstanding anything contained in the foregoing sub- section, the Registrar shall terminate the liquidation proceedings on receipt of the final report from the Liquidator. The final report of the Liquidator shall state that the Liquidaton proceeding of the society has been cIOSed, and how the winding up has been conducted and the property of and the claims of the society have been disposed of and shall include a statement showing a, summary of the account of the winding up including the cost of liquidation, the amount (if any ) standing to the credit of the society in liquidation, after paying off its liabilities including the share or interest of memberS, and suggest how the surplus should be utilised. (3) The Registrar, on receipt of the final report from the Liqui- dator, shall direct the Liquidator to convene a general meeting of the members of the society for recording his final report. 110 The surplus assets as as shown in the final report of the Liquidator of a. society Which has been wound up, may either be divided by the Registrar, With the previous sanction of the State Government amongst its members in such manners, as may be prescribed or be devoted to any object or objects provided in the bye-laws of the society, if they specify that such a. surplus shall be utilised for the particular purpose or may be utilised for both the purposm. Where ' the surplus is not so divided amongst the members and the society has no such bye-lew, the surplus shall vest in the Registrar, who shall hold it in trust and shell transfer it to the Reserve Fund of a new society regis— tered With a. similar object, and serving more or less an area Which the society to Which the Surplus belonged was serving : Provided that, Where no such society exists or is registered Within three years of the cancellation of the society Whose surplus is vested in the Registrar, the Registrar may distribute the Surplus, in the manner he thinks best, amongst any or all of the following :~ (3) an object of public utility and of local interest as may be recommended by the members in a, general meeting held under the preceding section ; (b) a federal Society With similar object to Which the cancelled society was eligible for affiliation 01', Where no federal society exists, the state federal society Which may be notified in this behalf by the State Government, and (c) any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890. I Disposal of surplus assets. Application of Chapter to Land De- velopment Ranks, CHAPTER XI LAND DEVELOPMENT BANKS