Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the Presidency-towns 3 of 1909. Insolvency Act, 1909, and the Provincial Insolvency Act, 1920, the 5-of 1920. contribution assessed by a liquidator shall rank next to debts due to the Government or to any local authority in order of priority in insolvency proceeding. (2) When the State Government has taken shares in a co-opeative society, the liability in respect of such shares shall, in the event of such co-operative society being wound up, be limited to the amount paid in respect of such shares. Priority of contribu- tions assessed by liquidator, and the limited liability of Govern- ment shares. 217 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act Power of Registrar to cancel order of winding up or of registration of a co-operative society. (Chapter XL—Winding up and dissolution of co-operative societies.—Section 93.—Chapter X1L—Special provisions for co-operative land development bank, central co-operative bank, primary co-operative credit society and apex housing society.—Sections 94, 95. )