(1) Where the Registrar has made an order under section 78 for the winding up of a society, he may, in accordance with rules, appoint a liquidator and may remove him and appoint another in his place and may also fix his remuneration.
(2) The Registrar may, if the circumstances require, appoint by nomination from the share holders of the society, a liquidation committee, comprising not more than seven and not less than three share holders, to advise and assist the liquidator, and may at any time remove any member of the committee or the whole committee and appoint another in his or its place, as the case may be.
(3) 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, damage to, such property, effects and claims.
(4) Where an appeal is preferred under section 93, the liquidator shall, pending the decision of the appeal, continue to have custody or control of the property, effects and actionable claims mentioned in sub-section (3) and have authority to take the steps referred to in that sub-section.
(5) Where an order of winding up of a society is set aside in appeal, the property, effects and actionable claims of the society shall re-vest in the society.