(1) Every society shall keep at its registered office, a register of mortgages and charges and enter therein all mortgages or charges affecting the property of the society and such other particulars of the mortgages or charges as may be specified in the bye-laws.
(2) The register of mortgages and charges kept in pursuance of subsection (1) and copies of instruments creating mortgages or charges shall, subject to such reasonable restrictions as the society may impose, be kept at the registered office of the society and be open during business hours to the inspection of any member or creditor of the society without payment of any fee therefor.
CHAPTER - IV DISPUTES,DISSOLUTION AND WINDINGUP
23. Dispute regarding management - In the event of any dispute arising among the Committee or the members of the society, in respect of any matter relating to the affairs of the society, any member of the society may proceed with the dispute under the provisions of the Arbitration and Conciliation Act 1996 (Central Act 26 of 1996), or may file an application in the District Court concerned and the said court shall after necessary inquiry pass such order as it may deem fit.
24. Dissolution of Society and adjustment of its affairs - (1) A Society may, be passing a special resolution, determine that it shall be dissolved of and thereupon, with prior intimation to the Registrar, it shall be dissolved at the time specified in the resolution and all the necessary steps shall be taken for the disposal and settlement of the property of the society, and its claims and liabilities according to the bye-laws, if any of the society, and it there are no bye-laws to this effect in the manner as the General Body may find it expedient;
Provided that in the event of any dispute arising among the members of the Committee or the members of the society, the adjustment of its affairs shall be referred to the court and the court shall make such order in the matter including appointment of liquidator as it deems fit:
Provided further that if the Central Government or any State Government is a member of, or a contributory to any society registered under this Act, such society shall not be dissolved without the consent of the Government Concerned.
(2) A society dissolved under this section shall file with the Registrar a full report showing as to how the property has been disposed of.
25. Property of dissolved society - If upon the dissolution of any society, there’ remains, after the satisfaction of all its debts and liabilities, any property, the same shall not be delivered to or distributed among the members of the said society or any of them, but shall be delivered to some other society, with a similar objective to be named by a special resolution, or in default thereof, by the court:
Provided that this section shall not apply to any society which is founded or established by the contribution of shareholders in the nature of a Company.
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26. Liquidators to make an account after winding up of a society - (1) As soon as the affairs of a society are fully wound up, the liquidator shall make an account of the winding up showing how the winding up has been conducted and the property of the society has been disposed of and call a general body meeting of the society for the purpose of placing before it the account and giving any explanation in respect thereof.
(2) Within one week after the meeting convened under sub-section(1), the liquidator shall send to the Registrar, a copy of the account and shall make a return to him of the holding of the meeting and of its date.