Amendment status not verified — confirm the current text below against the official source.
(1) Where an order of cancellation of the registration of a cooperative society is made by the Registrar under section 66, he may appoint any person to be the liquidator of the co-operative society and may remove such person and appoint another in his place. (2) The liquidator appointed under sub-section (1) shall have power from the date of his appointment to take immediate possession of all assets, properties, effect and actionable claims of the cooperative society or to which the co-operative society is entitled and of all books, records, cash and other documents pertaining to the business of the co-operative society and in the interest of the co-operative society shall hold charge of the cooperative society notwithstanding the provisions of section 66, provided that no steps shall be taken for the winding up of the cooperative society during the pendency of any stay order. (3) The liquidator shall under the general control of the Registrar, have power so far as is necessary for the winding up of the cooperative society, on behalf of the co-operative society to carry on the business thereof and to do all acts and execute all documents necessary to such winding up, and in particular shall exercise the following powers, namely, - (a) to institute, compromise and defend suits and other legal proceedings on behalf of the co-operative society by his name of office; (b) to make any compromise or arrangement with any person between whom and the co-operative society there exists any dispute; (c) to determine the debts due to the co-operative society by a member, past member or the estate, nominees, heir or legal representative of a deceased member; (d) to determine from time to time the contribution to be made or remaining to be made by the members, past members or by the estates or nominees, heir or legal representatives of deceased members or by any officer or former officers, to the assets of the cooperative society and to determine the debts due from such members or persons and the cost of liquidation; (e) . to calculate the cost of liquidation and to determine by what persons and in what proportion they are to be borne; (f) to investigate all claims against the co-operative society and, subject to the provisions of this Act, to decide question of priority arising between claimants; (g) to pay claims against the co-operative society including interest up to the date of cancellation of registration according to their respective priorities, if any, in full or rate-ably as the assets including the reserve fund of the co-operative society, permit; the surplus, if any, remaining after payment of claims being applied in payment of interest from the date of cancellation of a rate fixed by him but not exceeding the contract rate in any case; (h) to take steps to recover dues according to the provisions of section 85, if necessary; and (i) to dispose of the surplus, if any remaining after paying the claims against the co-operative society in accordance with section 68 of this Act. (4) Subject to the provision of this Act and rules made there under, a liquidator appointed under this section shall, in so far as such powers are necessary for carrying out the purpose of this section, have power to summon and enforce the attendance of witnesses and to compel the production of any book, accounts, documents, securities, cash or other properties belonging to or in the custody of the co-operative society by the same means and so far may be in the same manner and spirit as is provided in the case of a Civil Court under the Code of Civil Procedure, 1908. (5) Notwithstanding anything contained in any law for the time being in force, if any landed property is held by a liquidator as such the title over the land shall be complete as soon as the mutation of the name of his office is affected and no court shall question the title on the ground of the possession, want of possession or physical delivery of possession.