(1) Where the Registrar has passed an order for the winding up of a registered society, he shall appoint a person or persons to be liquidator of the society.
(2) Notwithstanding anything contained in sub-section (2) of section 43, liquidator on appointment shall have power to take Immediate possession of all assets belonging to the society and all books, records and other documents pertaining to the business there of and to carry on the business of the society so far as may be necessary. And all the rights, duties assets and liabilities of the society shall devolve upon the liquidator as such.
(3) Subject to the registrar’s power of control and revision, such, liquidator shall also have power –
(a) to institute and defend suits and other legal proceedings on behalf of the society by his mane of office;
(b) to determine and realize all sums due to the society from any person:
(C) to determine from time to time, subject to the provisions of section 32, the contribution 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 by any officers or former officers, to the asses of the society and from time to time, to revise any order of contribution until the winding up is completed, and to realize such contribution:
(d) to investigate all claims against the society and subject to the provisions of this Act, to decide questions of property arising between claimants after giving an opportunity of being heard to all the creditors:
(e) to pay claims against the society (including interest) up to the date of the publication in the official Gazette of the notification ordering the winding up the society according to their respective properties, if any, in full or rateably as the assets of the society permit ; and to apply the surplus, if any, remaining after payment of the claims of the claims in full, in payment of interest from the said date of a rate fixed by him but not exceeding in any case the rate agreed to be paid by the society;
(f) to make any compromise or arrangement with persons between whom and the society there exists any dispute or to refer any such dispute to arbitration;
(g) to determine by what persons and in what proportions the costs of the liquidation are to be borne; and
(h) 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;
Provided that the liquidator shall not determine the contribution, debt or assets to be recovered from any person unless an opportunity of being heard has been given to such person.
(4) If an appeal from the order of winding up is allowed by State Government under section 34, the liquidator shall give up possession of the assets, books, records and other documents of the society of the managing Committee; and shall cease to carry on the business of the society, Provided that all his acts done in his capacity as liquidator shall continue to have legal validity as if they had been done by the Managing Committee or the Society.
(5) With the special sanction of the Registrar, an appeal shall lie to the Court of the District Judge within three months from the date of communication by registered post of an order of a liquidator under clauses (b), (c), (d) (e), (g) or (h) of sub-section (3) to the person concerned.
(6) The orders of the liquidator, subject to any order of the Registrar in revision or to any order of the District Judge on appeal, if any, shall be final.
(7) When the affairs of the society have been wound up, the liquidator shall deposit the records of the society in such place as the Registrar may direct.
(8) After the records of society have been deposited under sub-section (7) the Registrar shall cancel the registration of the society and the society shall then cease to exist as a corporate body.
1[ CHAPTER VI-A Land Development Banks