Where a l iquidator has been appointed under sub-section (1) of Section 70, the following procedure shall be adopted: -
(a) The appointment of the l iquidator shall be intimated in writ ing to the society.
(b) The l iquidator shal l prepare an upto -date l ist of—
(i) members;
( i i) past members, with dates of their withdrawal, who are subject to l iabil i ty under Section 29; and ( i i i) deceased members, with dates of their death, names of their legal heirs who represent their estate and who are subject to l iabil i ty under Section 29.
(c) The l iquidator shall , as soon as the order of winding up of the society takes effect , publish by such means as he may think proper, a notice requiring all claims against the society the winding up of which has been ordered, to be submitted to him with in two months of publication of the notice. All l iabil i t ies recorded in the account books of the society shall be deemed ipso-facto to have been duly submitted to him under this clause.
(d) The l iquidator shall , after sett ling the assets and l iabil i t ies of the society, as they stood on the date on which the order of winding up takes effect , proceed next to determine the contribution (including debts due) to be made by each of the member s, past members , or by the estates or nominees, heirs or legal representatives of deceased members or by any officers or former officers, to the assets of the society under clause (b) and as costs of l iquidation determined under clause (e) of sub -section (2) of Section 71. He may also make a subsidiary order regarding such contributions and costs and such order shall be enforceable in the same manner as the or iginal order.
(e) The l iquidator shall submit to the Registrar such reports and returns in such form as the Registrar may specify showing the progress made in the l iquidation of the society.
(f) The l iquidator may empower any person by general or special order in writ ing, to make collections and grant valid receipts on his behalf .
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(g) All funds in the charge of the l iquidator shall be deposited in a Co-operative Bank or in the Post Office savings Bank or with such other bank as may be approved by the Registrar and shall stand in his name.
(h) The Registrar shal l f ix the amount of remuneration, if any , to be paid to the l iquidator. The remuneration shall be included in the cost of l iquidation which shall be payable out of the assets of the society in priori ty to all other claims.
( i) The l iquidator may issue summons to persons whose attendance is required to give evidence or to produce documents. He shall record brief notes of the evidence of such persons.
( j ) If any l iabil i ty cannot be discharged by the l iquidator owing to the whereabouts of the claimants not being known or for any other cause, the amount covered by such undischarged l iabil i ty may be deposited in a Co-operative Bank and shall be available for meeting the claims of the person or persons concerned.
(k) The l iquidator shall have power to call meetings of members of the society under l iquidation.
( l) At the conclusion of the l iquidation, the l iquidator shall call a general meeting of the members as they existed on the date of winding up of the society. The l iquidator or any person authorised by him in writ ing in this behalf shall summari se the results of his proceedings in the meeting and report what sum, if any, remains in his possession after meeting all the liabil i t ies of the society. If the bye -laws of the society do not describe the object to which the surplus assets, if any, have to be applied after l iquidation, the l iquidator shall proceed to take a vote of the members present to determine any object of public uti l i ty to which they have to be applied.
(m) After the l iquidation proceedings of the society have been closed, the l iquidator shall submit a final report as laid down in sub-section (3) of Section 71, to the Registrar together with a copy of the proceedings of the general meeting, if any, referred to in clause (1) and shall subject to the provisions of the said sub-section hand over all the records of the society to such person as the Registrar may direct .
(n) The l iquidator may, at any t ime, be removed by the Registrar and he shall on such removal be bound to be hand over all the property and documents relating to the socie ty under l iquidation to such person as the Registrar may direct .
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(o) The l iquidator shall keep such books and accounts as may from time to t ime be required to be kept by the Registrar, who may at any t ime cause such books and accounts to be audited. The l iquidator shall pay such fees for the audit as may be levied under the Act .