Amendment status not verified — confirm the current text below against the official source.
(1) On the appointment of a liquidator under secion 110, all assets, properties, effects and actionable claims of the Co-operative society or to which the Co-operative society is entitled, shall vest in the liquidator subject to general superintendence and control of the Registrar. The liquidator shall immediately take all necessary steps to take possession of, and to prevent any loss or deterioration to, all assets, properties, effects and actionable claims of the Co-operative society or to which the Co-operative society is entitled. (2) (a) Immediately after the date on which the order directing the dissolution of the Co-operative society takes effect, liquidator shall publish a notice in such Form as may be prescribed requiring all claims against the Co-operative society to be submitted to him within one month of the publication of the notice. (b) Publication of notice shall be made by hanging it in the offices of the Co- operative society, the concerned Gram Panchayat, municipality, Panchayat Samity and Zilla Parishad and in the local daily or weekly newspaper if there be any. In case of Co- operative society having an assets of more than ten lakh rupees, publication of the notice shall, in addition to the above manner, be made in one leading Bengali daily newspaper. (3) Notwithstanding anything contained elsewhere in this Act or in the by-laws of the Co-operative society, the services of all employees of the Co-operative society, which has been ordered to be dissolved, shall be deemed to have been terminated with effect from the date on which the order directing dissolution of the Co-operative society takes effect: PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 67 The West Bengal Co-operative Societies Act, 2006. (Chapter XII.—Dissolution of Co-operative society.—Section 111.) Provided that liquidator may, subject to the approval of the Registrar, reappoint any such employees in connection with the work of liquidation on such terms and conditions and for such period as he deems fit and such reappointed employee shall be paid his remuneration out of the fund of the Co-operative society. (4) (a) The liquidator shall open a savings bank account with the bank where the Co-operative society had its account or with any other bank as the Registrar may approve and authorise in the name of the "Liquidator of the Co-operative society". No money shall be invested in any other manner except by way of fixed deposit with any Co-operative society or nationalised bank without prior approval of the Registrar. (b) All moneys received in the proceedings of dissolution of the Co-operative society shall be deposited into such account within the next working day following the date of receipt of moneys. (c) All payments over one hundred rupees out of the aforesaid account shall be made by the liquidator by crossed or account payee cheque. The receipts and payments shall be entered in the cash book which shall be signed by the liquidator on the date of receipts or payments. (5) (a) The liquidator shall maintain separate list of members, debtors and creditors having claims against the Co-operative society. Debts due to the Co-operative society by a member including a past member or the estates, nominee, heirs or legal representatives of a deceased person and its employees shall be determined by the liquidator. (b) The liquidator may at any time call meetings of the members or the creditors or joint meetings of the members and creditors and such meetings may be called, held and conducted at such time and place and in such manner as he thinks fit. (6) For recovery of dues of the Co-operative society, the liquidator shall immediately issue notice to the debtors for payment of the debt with interest at usual rates. If such debts are not repaid within six months, the liquidator shall apply to the certificate officer for recovery under the Bengal Public Demand Recovery Act, 1913. (7) For disposal of movable and immovable properties of the Co-operative society where total asset is worth two lakh rupees and above, the Registrar may constitute a disposal committee consisting of the liquidator, an officer of the financing bank, an officer of federal Co-operative society and a Government officer authorised by him. Absence of any of the members of the disposal committee shall not invalidate the proceedings of the disposal of properties. (8) A notice shall be issued by the liquidator within three months from the date when the order directing dissolution takes effect, asking the creditors of the Co-operative society to submit claims against it with proper and relevant documents within two months of the date of notice. He shall prepare a final list of creditors with details of claims according to priority as mentioned in section 112. (9) Movable properties and actionable claims of the Co-operative society shall be sold to the highest bidder in public auction or to the person who has quoted highest price. For disposal of the immovable properties, the liquidator shall collect the prevailing market rate from the office of the Sub-Registrar of the area and after fixing a minimum price, he shall invite quotations and sell such properties to the person who has quoted highest price. In both the cases of movable and immovable properties, the disposal committee shall select the person who has offered the highest price: Provided that no liquidator or his relatives shall purchase directly or indirectly any part of the assets of the Co-operative society. (10) The liquidator shall submit to the Registrar at least once in every six months period after his appointment or more often as the Registrar may require financial statement of the Co-operative society. (11) The Director of Co-operative Audit shall cause actounts prepared by the liquidator to be audited and for the purpose of such audit, the liquidator shall furnish the audit officer with such documents, voucher and information as may be necessary. Audit fee shall be paid at reduced rate. The Director of Co-operative Audit may, in his discretion, remit such fee in absence of adequate fund of the Co-operative society. Ben. Act HI of