Amendment status not verified — confirm the current text below against the official source.
232[(1) The winding up proceedings shall be closed within a period of three years from the date of the order of winding up and after the expiry of the said period of three years, the Registrar may extend the period by two more years while recording the reasons.] 233[(2) On the termination of the liquidation proceedings the liquidator shall make a report to the Registrar.] 234[69B. Surplus assets as shown in the final report of the liquidator of a society which has been wound up shall be utilized for such purposes as may be specified in the bye- laws. Where the society has no such bye-laws, the surplus assets shall vest in the Registrar who shall hold it in trust and shall transfer it to the reserve funds of a society registered with a similar object and serving more or less an area which the society to which the surplus belonged was serving.] CHAPTER X. EXECUTION OF DECISIONS, DECREES AND ORDERS.