Amendment status not verified — confirm the current text below against the official source.
Powers of liquidator.- (1) Subject to any rules made in this behalf the whole of the assets of a registered society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under section 127 from the date on which the order takes effect and the liquidator shall have power to realize such assets by sale or otherwise. (2) Subject to the control of the Registrar, such liquidator shall also have power.- (a) to institute and defend suits and other legal proceedings on behalf of the registered society by his name of office; 109 (b) to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers or former officers, to the assets of the society; (c) to investigate all claims against the registered society, and subject to the provisions of this Act, to decide questions of priority arising between claimants; (d) to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging to or in the custody of the society by the same means and so far as may be in the same manner as is provided in the case of a civil court under the provisions of law relating to civil procedure for the time being in force in Puducherry. (e) subject to any rules made in this behalf, to pay claims against the registered society including interest upto the date of winding up according to their respective priorities, if any, in full or ratably as the assets of the society may permit; to apply the surplus, if any, remaining after payment of the claims for the payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case. (f) to determine by what persons and in what proportions the costs of the liquidation are to be borne; (g) to determine whether any person is a member, past member or nominee of deceased member; (h) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society; (i) to carry on the business of the society so far as may be necessary for the beneficial winding up of the same; (j) with the previous approval of the prescribed authority to make any compromise or arrangement with creditors or persons having any claim, present or future, whereby the society may be rendered liable; (k) with the previous approval of the prescribed authority, to compromise all calls or liabilities to any calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the society and alleged contributory or other debtor or a contributory or person apprehending liability to the society and all questions anyway relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof. 110 (3) Any sum ordered under this section to be recovered as a contribution to the assets of a registered society or as costs of liquidation may be recovered, on a requisition be made in this behalf by the Registrar to the Collector in the same manner as arrears of land revenue. (4) Save as provided in sub-section (3), orders made under this section shall, on application, be enforced by any civil court having local jurisdiction in the same manner as a decree of such court. (5) When the affairs of a registered society have been wound up, the liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.