Amendment status not verified — confirm the current text below against the official source.
(1) The liquidator may,- 1 [(a) [XXX]] (b) bring, defend or take part in any civil, criminal or, administrative action or proceeding in the name and on behalf of the Co-operative Society; (c) carry on the business of the Co-operative Society as required for an orderly liquidation; (d) shall by public auction any property of the Co-operative Society; (e) do all acts and execute any documents in the name and on behalf of the Co-operative Society; (f) borrow money on the security of the property of the Co-operative Society; (g) settle or compromise any claims by or against the Co-operative Society; and (h) do all other things that he considers necessary for the liquidation of the Co-operative Society and distribution of its property. 2 [(2) Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the co-operative society, he may apply to the Co-operative Tribunal for an order requiring that person to appear before the Court at the time and place designated in the order and to be examined.] 2 [(3) Where the examination mentioned in sub-section (2) discloses that a person has concealed, withheld or misappropriated property of the Co-operative Society, the Co-operative Tribunal may order that person to restore the property or pay compensation to the liquidator on behalf of the Co-operative Society.] (4) No liquidator shall purchase, directly or indirectly, an part of the stock-in-trade, debts or assets of the Co-operative Society.