Amendment status not verified — confirm the current text below against the official source.
Liquidator.- (1) Where the Registrar has made an order under section 126 for the winding up of a registered society he may, in consultation with the financing bank appoint a liquidator for the purpose and fix his remuneration. (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 or deterioration of, or damage to", such property effects and claims. (3) Where an appeal is preferred under clause (a) of sub-section (2) of section 140, an order or winding up of a registered society made under sub-section (1) of section 126 shall not operate thereafter until the order is confirmed in appeal: Provided that the liquidator shall continue to have custody or control of the property, effects and actionable claims mentioned in sub-section (2) and have authority to take the steps referred to in that sub-section. (4) Where an order of winding up of a registered society is set aside in appeal, the property, effects and actionable claims of the society shall rivets in the society.