(1) When an order of cancellation of the registration of a society is made by the Registrar under Section 94, he may appoint any person to be the liquidator of the society and may remove such person and appoint another in his place.
(2) The liquidator appointed under sub-section (1) shall have power from the date of his appointment to take immediate possession of all assets, properties, effects and actionable claims of the society or to which the society is entitled and all books, records, case and other documents pertaining to the business of the society and. in the interest of the society, shall hold charge of the society notwithstanding the provisions of section 94 provided that no steps shall be taken for the winding up of the society during the pendency of any stay order.
(3) The liquidator shall, under the general control of the Registrar, have power, so far as is necessary for the winding up of the society, on behalf of the society to carry on the business thereof and to do all acts and execute all documents necessary to such winding up, and in particular shall exercise the following powers
(a) to institute, compromise and defend suits and other legal proceedings on behalf of the society;
(b) to make any compromise or arrangement with any person between whom and the society there exists any dispute;
(c) to determine the debts due to the society by a member, past member or estate, nominees, heirs or legal representatives of deceased members ;
(d) to determine from time to time the contribution to be made or remaining to be made by the members, past members or by the estate or nominees, heirs or legal representative of deceased members or by any officers or former officers, to the assets of the society and to determine the debts due from such members or persons and the cost of liquidation;
416 THE ASSAM GAZETTE, EXTRAORDINARY, FEBRUARY 4, 2012
(e) to calculate the cost of liquidation and to determine by what persons and in what proportion they are to be borne;
(f) to investigate all claims against the society and subject to the provisions of this Act to decide questions of priority arising between claimants;
(g) to pay claims against the society including interest up to date of cancellation of registration according to their respective priorities, if any, in full or rateably as the assets including the reserve fund of the society, permit; the surplus, if any, remaining after payment of claims being applied in payment of interest from the date of such cancellation at the rate fixed by him but not exceeding the contract rate in any case;
(h) to take step to recover dues according to the provisions of section 102, if necessary; and (I) to dispose of the surplus, if any, remaining after paying the claims against the society in accordance with section 96.
(4) Subject to the provisions of this Act and rules made there under,a liquidator appointed under section 95 shall, in so far as such powers are necessary for carrying out the purpose of this section, have power to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging v to or in the custody of the society by the same means and so far as may be 1908 in the same manner as is provided in the case of a Civil Court under the Code of Civil Procedure, 1908.
(5) Notwithstanding anything contained in any law for the time being in force, if any landed property is held by a liquidator as such the title over the land shall be complete as soon as the mutation of the name of his office is effected and no court shall question the title on the ground of dispossession, want of possession or physical delivery of possession.
DISTRIBUTION OF FUND OF A DISSOLVED SOCIETY
96. On dissolution of a society the reserved fund and any undisbursed cash in hand shall be applied to discharging liabilities of the society and the repayment of the share capital. Any sum that may remain may be applied to such object of local and public utility as may be selected by the members of the dissolved society and approved by the Registrar. If, within three months of the notice published in the Official Gazette under Section 97, notifying the closing of the liquidation proceedings of the society, the members fail to select any object as aforesaid, the Registrar shall, with the approval of the Government, apply the fund to such local public utility as may be determined by him or credit the remaining sum to the reserve fund of a society to be formed to replace the dissolved society or if there be no such society to any other deserving society existing within the same area of operation and having objects similar to those of the dissolved society or if there be no such society to any other registered society in Assam as may be determined by the Registrar.
LIQUIDATOR TO DEPOSIT THE BOOKS AND SUBMIT A FINAL REPORT
97. When the affairs of a registered society have been wound up, the liquidator shall make a report to the Registrar, who, when satisfied shall order the liquidation proceedings to be closed and direct the liquidator to deposit the records whatsoever the Registrar thinks fit and the Registrar shall issue a notice in the Official Gazette, notifying the closing of the liquidation proceedings of the society.
THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 417 DISPOSAL OF SURPLUS ASSETS OF LIQUIDATED CO OPERATIVE SOCIETIES BAR OF SUITS OR LEGAL PROCEEDINGS
98. After all the liabilities including the paid up share capital of a wound up cooperative society have been met, the surplus assets shall not be divided among its members but they shall be applied to any object described in the bye-laws and when no object is so prescribed in the bye-laws, to the cooperative development fund.
99. When an order to wind up the cooperative society has been made or the liquidator has been appointed a suit or other legal proceeding relating to business of such cooperative society shall be proceeded with or instituted against the liquidator as such or against the cooperative society or any member thereof except with the leave of the Registrar and subject to such conditions as he may impose.
FINAL ACCOUNTS
100.(1) A liquidator shall pay the costs of liquidation out of the property of the cooperative society and shall pay or make adequate provision for all claims against the cooperative society.
(2) Subject to the provisions of section-60 after paying or making adequate provision for all claims against the cooperative society, the liquidator shall apply to the Registrar for approval of his final accounts and for permission to distribute in cash or in kind the remaining property of the cooperative society in accordance with the bye-laws.
(3) Where the Registrar approves the final accounts rendered by a liquidator under sub-section(2), he shall -
(a) issue direction with respect to the custody or disposal of the documents and records of the cooperative society; and
(b) discharge the liquidator.
(4) Where the Registrar discharges a liquidator under sub-section(3) the Registrar shall dissolve the cooperative society, issue a certificate of dissolution and delete its name from the Register of Co-operative.
Societies
(5) The cooperative society ceases to exist on the date shown in the certificate of dissolution,, which shall not be later than eight years after the appointment of the liquidator.
BAR OF SUIT 101. Save in so far as is expressly provided in this Act, no Civil Court shall take cognizance of any matter concerned with the winding up or dissolution of a society under this Act and when a liquidator has been appointed no suit, order or legal proceedings shall lie or be proceeded with against him except by leave of the Registrar and subject to such terms as he may impose.
CHAPTER X RECOVERY OF SUMS DUE RECOVERY OF SUMS DUE AND ENFORCEMENT OF OBLIGATIONS