Amendment status not verified — confirm the current text below against the official source.
After expiry of the period for appeal against the order made under section 195, or where the appeal has been dismissed, the order for winding up shall be effective and shall operate in respect of all the creditors and all the contributories of the society, as if it had been made on the joint petition of creditors and contributories. When a winding up order becomes effective, the Liquidator shall proceed to realise the assets of the society by sale or otherwise and no dispute shall be commenced or, if pending at the date of the winding up order, shall be proceeded with, against the society, except by leave of the Registrar and subject to such terms as the Registrar may impose. The Registrar may, of his own motion, however entertain or dispose of any dispute by or against the society.