Amendment status not verified — confirm the current text below against the official source.
(1) Immediately on the appointment of a liquidator under section 90, all assests, properties, effects and actionable claims of the society or to which the society is entitled shall vest in the liquidator. (2) Notwithstanding anything contained in section 89 relating to the date on which an order for the winding up of a co-operative society shall take effect, a liquidator appointed under section 90 shall have power from the date of his appointment— (a) to take immediate possession of— (i) all assets, properties, effects and actionable claims of the society or to which the society is entitled, (ii) all books, records and other documents pertaining to the business of the society, and (b) to take, under the general direction and control of the Registrar, such steps as may be necessary to prevent loss or deterioration of, or damage to, such assets, properties, effects and claims. Powers and obligation of a liquidator. 215 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter XL—Winding up and dissolution of co-operative societies.—Section 91.) (3) In the event of the order under section 89 being set aside on appeal, the person appointed as liquidator shall hand over charge of all the assets, properties, effects, books, records and other documents of the society to the appropriate officers thereof. Things done, action taken and the proceedings initiated by such liquidator during the interim period, shall be binding on the society, and such action and proceedings shall be pursued continued by the officers of the society. (4) From the date on which the order directing the winding up of the society takes effect, the liquidator shall, subject to the rules and under the general direction and control of the Registrar, have power, so far as is necessary for the winding up of the society, on behalf of the society to carry on the business thereof and to do all acts and execute all documents necessary to such winding up, and, in particular, shall exercise such of the following powers as the Registrar may, from time to time, direct, namely:— (a) to institute and defend suits and other legal proceedings; (b) to carry on the business of the society, so far as may be necessary, for the beneficial winding up of the same; (c) to sell the movable and immovable property and actionable claims of the society, in whole or in part, by public auction or pirvate contract, to any person or body corporate; (d) to raise, on the security of the assets of the society, any money required; (e) to make any compromise or arrangement with any person between whom and the society there exists any dispute, and to refer any such dispute to arbitration; (f) to determine the debts due to the society by a member, past member, or the estate, nominees, heirs or legal representatives of a deceased member; (g) to calculate the costs of liquidation and to determine by what persons and in what proportions they are to be borne; (h) to determine, from time to time, the contributions including the items mentioned in clauses (f) and (g), to be made to the assets of the society by the members or past members, or the estates, nominees, heirs or legal representatives of deceased members, or by the past or present officers of the society, or by the estates or nominees, heirs or legal representatives of deceased officers; (i) to investigate all claims against the society and, subject to the provisions of this Act, to decide questions of priority arising between claimants; (j) to fix the time within which the creditors shall prove their debts and claims or take steps to be included for the benefit of any distribution that may be made before these debts or claims are proved; 216 The West Bengal Co-operative Societies Act, 1973. XXXVIII of 1973.] (Chapter XL—Winding up and dissolution of co-operative societies.—Section 92.) (k) to pay claims against the society (including interest up to the date of the order for the winding up thereof) according to their priority, in full or rateably, as the assets of the society permit; (1) to give such directions, as appear to him to be necessary, in regard to the realisation, collection and distribution of the assets of the society; (m) to do all acts and, in the name and on behalf of the society, to execute all deeds and other documents and to grant all receipts, as may be necessary for such winding up; and (n) if there is reason to believe that the society can be reconstructed, to take, with the prior approval of the Registrar, such action as may be necessary for the purpose. (5) The liquidator shall, during his tenure of office, at such times as may be prescribed, but not less than once every year, present to the Registrar an account in the prescribed form, of his receipts and payments. The Registrar shall cause the said accounts to be audited; and for the purpose of audit, the liquidator shall furnish the Registrar with such vouchers, documents and information as the Registrar, or the persons appointed by him, may require. (6) The liquidator shall cause a summary of the audited accounts to be prepared and shall, send a copy of the same to the contributors and creditors. (7) The liquidator shall pay such fees, as the Registrar may direct, for the audit of the accounts referred to in sub-section (5). (8) The by-laws of every co-operative society may provide as to how the surplus assets, if any, shown in the final report of the liquidator of a society which has been wound up, may be utilised, and a liquidator shall deal with such surplus assets accordingly. Where the by-laws of a society do not make any provision in respect thereof, the aforesaid surplus assets shall vest in the liquidator who shall transfer it to the co- operative development fund. (9) When the affairs of a co-operative society have been wound up, the liquidator shall deposit the records of the society in the prescribed manner and shall make a report to the Registrar.