(1) Subject to any rules made in this behalf, the whole of the assets of a co-operative society, in respect of which an order for winding up has been made, shall vest in the liquidator appointed under section 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 the estate or nominees, heirs or legal representatives of deceased members or by any officers or former officers, to the assets of the co-operative society ;
(c) to investigate all claims against the co-operative society and subject to the provisions of this Regulation to decide questions of priority arising between claimants ;
ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, MAY 13, 1973 27 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019.
(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 up at a rate fixed by him but not exceeding the contract rate in any case;
(e) to determine by what persons and in what proportions the costs of liquidation are to be borne;
(f) to determine whether any person is a member, past member or nominee of a deceased member ;
(g) to give such directions in regard to the collection and distribution of the assets of the co-operative society as may appear to him to be necessary for the winding up of its affairs ;
(h) to carry on the business of the co-operative society so far as may be necessary for its beneficial winding up ;
(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 arrangements with any person between whom and the co-operative society there exists any dispute and to refer any such dispute 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 manners as may be prescribed ; and
(l) 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 or alleged to subsist between the co-operative society and a contributory or alleged contributory or other debtor or person apprehending liability to the co-operative society and all questions in any way relating to or affecting the assets or the winding up of a co-operative society on such terms as may be agreed and take any security of the discharge of any such call, liability, debt or claims and give 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.