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Section 107

The Manipur Co-Operative Societies Act, 1976State Act of Manipur · Act 14 of 1976

(1) Save as exbressly provided in this Act, no Civil Courtshall take cognizance of any matter connected With the Windidg upor dissolution of a society under this Act and When a Winding uporder has been made no suit or other legal proceedings shall lie or beproceeded with against the society or the Liquidator, except by leawof the Registrar, and subject to such terms as he may impose ;Provided that, where the winding up ord'er :13 cancelled, the provi-sions of this section shall cease to opefate so far as the liability of thesociety and of the members thereof to be sued in concerned, but theyshall continue to apply to the person Who acted as Liquidator.

1H8. (l) The Liquidator shall, during his tenure of office, atsuch time as may be prescribed, but not less than twice each year,present to the Registrar an account in the prescribed form of hit;receipts and paymente as Liquidator. The Registrar shall cause anyaccount to be audited: in such manner as he thinks fit ; and for thepurpose of audit, the Liquidator shall furnish the Registrar Withsuch vouchers and information as he, or the person appointed by him,may require,

(2) The Liquic‘iator shall cause a summary of audited accounts tobe prepared. and shall send a copy of such summary to every contri-butory.

(3) The Liquidator shall pay such fees as the Registrar may direct,for the audit of the accounts and books kept by him in the mannerprescribed.

(4) The Liquidator shall be held liable for any irregularities whichmight be discovered in the. course or as a reault of audit in reepect oftransactionasnbsequent to his taking over the afi'airs of the Society,and may beeproceeded against as if it were an act against which actioncould be. taken under section 88 :

Provided that, no Such action shall be taken unless the irregularitieshave caused or are likely to cause loes to the society, and have occurreddue to gross neg‘dgenee or wanton omission, in carrying out the dutiesand functions.

Where this provision sits

ActThe Manipur Co-Operative Societies Act, 1976
Section107
JurisdictionState of Manipur
StatusIn force as published by the source

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