Amendment status not verified — confirm the current text below against the official source.
(1) The winding up proceedings of a society shall be completed 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 two years in the aggregate. (2) If the winding up proceedings are not completed within such time, as may be extended by the Registrar under sub-section (1), the Registrar shall refer the matter to the Government with the reasons therefor and shall thereafter act as per the directions issued by the Government in each individual case.