(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) A liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the society is or appears to be entitled and shall take such steps as he may deem necessary or expedient, to prevent loss or deterioration of, or damage to such property, effects and claims. He may carry on the business of the society so far as may be necessary with the previous approval of the Registrar.
(3) Where an appeal is preferred under section 68 an order of winding up of a co-operative society made under section 57 shall not operate thereafter until the order is confirmed in appeal:
Provided that the liquidator 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.
THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 56 8TH FINAL PRINT AS ON 05.10.2006
(4) Where an order of winding up of a co-operative society is set aside in appeal, the property, effects and actionable claims of the society shall revest in the society.
SECTION - 59