(1) Subject to any rules made in this behalf, the whole of the assets of a co-operative society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under section 75 from the date on which the order takes effect and the liquidator shall have power to realise such assets by sale or otherwise.
(2) Such liquidator shall also have power, subject to the control of the Registrar,—
(a) to institute and defend suits and other legal proceedings on behalf of the co-operative society by the name of his office ;
(b) to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officer, to the assets of the society ;
(c) to investigate all claims against the co-operative society and, subject to the provisions of this Act, to decide questions of priority arising between claimants ;
(d) to pay claims against the co-operative society including interest up to the date of winding up according to their respective priorities, if any, in full or rateably, as the assets of the society may permit ; the surplus, if any, in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case ;
(e) to determine by what persons and in what proportions the costs of the liquidation are to be borne ;
(f) to determine whether any person is a member, past member or nominee of deceased member ;
(g) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society ;
(h) to carry on the business of the society so far as may be necessary for the beneficial winding up of the same ;
(i) with the previous approval of the Registrar to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, present or future, whereby the society may be rendered liable ; and
(j) with the previous approval of the Registrar, to compromise all calls or liabilities to call debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent subsisting or supposed to subsist between the society and a contributory or alleged contributory or other debtor or person apprehending liabilities to the co-operative society and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call liability, debt or claim and give a complete discharge in respect thereof.
(3) When the affairs of a co-operative society have been wound up, the liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.