(1) The Registrar may, on receipt of the reference of dispute under section 5,5,--
(a) decide the dispute himself, or
(b) transfer it for disposal to any person who has been inves- , ted by the Chief Commissioner with powers in that behalf, or ( c ) subject to such rules as may be prescribed, refer it for disposal to an arbitrator or arbitrators appointed by the Registrar.
I I I Reference of disputes to arbitration. , I 1
(2) Subject to such rules as may be prescribed, the Registrar may withdraw any reference transferred under clause (b) of sub-section (1) n r referred under clause (c) of that sub-section and decide i t himself.
(3) The Registrar may, of his own motion or on the application of a party to a reference, revise any decision thereon by the person to whom such refcrencc was transferred or by the arbitrator or arbitrators to whom it was referred:
pi.ovjdk-:c] tl.lnt 112 . i j~<13y ~ j~~ j l1<3 j~ ic ] t(: ::T?>- ?j:+i-s(?i; .i;:l! ) j ~ : n?a.dc u!:dc'r t.ljis su\-,--section u!lless that person has heen given a rcr.soiiabic o,;))~~*JT- tunit? -of beiilg - heard, THE GAZETTE OF INDIA EXTRAOR.D.INARY [PART 11- ~ ~-~ . --- --- - -- -- ~ ~.~ ~ -.-p.---.-p..--..--.- ~
(4) ( a ) Any decision of the Registrar under clause (a ) of sub-section (I) or under sub-section (3) shall he final and shall not be called in question in any court,
(b) Any decision that may be made by the person to whom a reference is transferred or by the arbitrator or arbitrators to whom it is referred, shall, save as otherwise provided in sub-section (3), ,be final and shall not be called in question in any court.
CHAPTER IX WINDING UP OF CO-OPERATIVE SOCFETIES is of opinion that the society ought to be wound upi .he may after giving the so.ciety an opportunity of making its representation, by order, direct it to be wound up.
(2) The Registrar may of his own motion make an order directing the winding up of a co-~perative society- ('a) where it is a condition of the registration of a society that the society shall consist of a t least ten members and the number of members has been reduced to less than ten; or
(b) where the society has not commenced working or has ceased to function in accordance with co-operative principles.
(3) The Registrar may cancel an order f o r the winding up of a cooperative society, a t any time, in any case where, in his opinion, the ac i e ty should continue to exist.
.(4) A copy of such order shall be communicated by registered post to +he society and to the credit a.gency, if any, of which t h e society is a member.
(5 ) Where an appeal against an order for the winding. up r ~ f a eooperative society is not presented within the period sp.eci$ed ,under s,ubsection (2) of section 68, the order shall take effect on the expi-ry of that
(6) Where an appeal a,gainst an order for the winding wp .of a co-op-, rative society is presented within the period specified under sub'-section
(2) .of section 68, the order shall not take effect until it is confirmed by the Chief Commissioner and such confirmation is communicated to the ,58. (1) Where the Registrar has made an order under section 57 for the winding up of a co-operative society, he may appoint a liquidator for the purpose and fix his remuneration.
(2) Notwithstanding anyl.hing contained in sub-section (5) or ~11bsection (6) of section 57 a liclaidator shall, on appointvlent, take into his S%C. 11 THE GAZETTE OF INDIA EXTRAORDINARY 7 - - - - - - - - claims and he may carry on the business of the society so far as may be necessary with the previaus approval of the Registrar.
(3) Where an appeal is preferred under section 68 against an order for the winding up of a co-operative society made under section 57 the liqaidator shall continue to have custody or control of the property, effects and actionable claims mentioned in sub-section (2) and have authority to take the steps referred to in that sub-section until the disposal of the appeal.
(4) Where an order for the winding up of a co-operative society is set aside in appeal, the property, effects and actionable claims of the society shall re-vest in the society.
(5) The Registrar may, for reasons to be recorded in writing, remove a liquidator appointed under this section and appoint another liquidator in his place.
§9. (I) Snbjeet to any rules made in this behalf, the whole of the Powers bssets of a co-operative society, in respect of which an order for winding Of liquiup has been made, shall vest in the liquidator appointed under section dator.
58 from the date on which the order takes effect and the liquidator shall have power, to realise such assets by sale or otherwise.
(2) Such liquidator shall also have power, subject to the control of the Registrar,- (a ) to institute and defend suits and other legal proceedings on behalf of the co-operative society by the name of his office;
(b) to determine, from time to time, the contribution (including debts due and costs of liquidation) to be made or remaining to be made by the members or past members or by Ille estates or nominees, heirs or legal representatives of deceased members or by any offit cers or former officers, to the assets of the co-operative society;
(c) to investig~te all claims against the co-operative society and subject to the provisions of this Regulation to decide questions of priority arising between claimants;
(d) to pay claims against the co-operative society including interest up to the date of winding up according to their respective priorities, if any, in full or rateable, as the assets of the society may permit; the surplus, if any, remaining after payment of the claims being applied in payment of interest from the date of such order of winding u p at a rate Kxed by him but not exceeding the contract rate in any case;
(e) ' to determine by what persons and in what proportions the costs of 1Squidation are to be borne;
(f) to determine whether any person is a member, past member or nominee of a deceased member;
(y) to give such direclions in .regard to the collcrtion and distribution of the assets of tllc co-opcrativc society nq !?lay appear to him t u II(J I ~ ~ ~ C C S S : I ~ . Y f o i tlic v . ~ i ~ l d i n ~ 11p of its afIairs;
( i ~ ) to carry on the bus~i~css of the co operative society so lax as may be necessary for its bi.??eficial wir~diug up;
THE GAZETTE OF INDIA EXTRAORDINAPZS~ [ P A ~ T 1.~- - -
(i) to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, present or future, whereby the co-operative society may be rendered liable;
(j) to make any compromise or arrangement with any person .between whom and the co~operative society there exists any dispute and to refer any such clispule to arbitration;
(k) after consulting the members of the co-operative society, to dispose of the surplus, if any, remaining after paying the claims against the society, in such manner as may be prescribed; and
(1) to compromise all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting 01' alleged to subsist between the co-operative society and a contribubry or alleged contributory or other debtor or person apprehending liability to the cooperative society and all questions in ally way relating Lo or affccting the assets or the winding up of a co-operative society on such terms as may be agreed and take any security for the discharge of any such csll, liability, debt or claim and givc a completed discharge in respect thereof.
(3) When the affairs of a co-operative society have been wound up, the liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.
Priority 60. Jvotwithstanding anything contained in any law relating to insolof contri- vency, the contribution assessed by a liquidator shall rank next to debts butions assessed by liquidator.
pT- Power of Registrar to cancel registration of a co-operative society.
Enforcement of charge.
due to the Government or to any local authority in order of priority in insolvency proceedings.