(1) Where the Registrar has made an order under section 74 for the winding up of a co-operative society, he may appoint a liquidator for the purpose and fix such remuneration as may be prescribed.
(2) A liquidator shall on appointment, take into his custody and under his control all the property, effects, and actionable claim to which the society is or appear 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.
(3) Where an appeal is preferred under section 158 an order of winding up of a co-operative society made under section 74 shall not operate, thereafter, until the order is confirmed in appeal :
Provided that the liquidator shall continue to have custody and 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.
(4) Where an order of winding up of a co-operative society is set aside in appeal, the property, effects and actionable claim of the society shall revest in the society.
(5) The liquidator shall finalise the liquidation proceedings within a period of six months in case of primary society from the date of his taking over as liquidator and one year in case of other societies. In case the liquidator fails to complete the liquidation proceedings within the stipulated period, he shall make a report to the appointing authority, explaining the reasons for nonfinalisation of liquidation proceedings and if the appointing authority is satisfied, it may extend the period by one year more in each case.