(1) The Winding up proceedings of thewsoeiety shall be closedWithin three years from the date of the order of the winding up, unlessthe period is extended by the Registrar ;
Provided that, the Registrar shall not grant any extension for aperiod exceeding one year at a time and four years in the aggregate andshall, immediately after the expiry of seven years fro: the date of theorder for Winding up of the society, deem that the Liquidation proceedings have been terminated, and pass an order terminating the liqu idation pro ceedings,
Explanation—In the case of a society Which is under liquidation at the commencement of this Act and order for the Winding up of the society shall be deemed for the purpose of this section to have been passed on the date of such commencement.
(2) Notwithstanding anything contained in the foregoing subsection, the Registrar shall terminate the liquidation proceedings on receipt of the final report from the Liquidator. The final report of the Liquidator shall state that the Liquidaton proceeding of the society has been cIOSed, and how the winding up has been conducted and the property of and the claims of the society have been disposed of and shall include a statement showing a, summary of the account of the winding up including the cost of liquidation, the amount (if any ) standing to the credit of the society in liquidation, after paying off its liabilities including the share or interest of memberS, and suggest how the surplus should be utilised.
(3) The Registrar, on receipt of the final report from the Liquidator, shall direct the Liquidator to convene a general meeting of the members of the society for recording his final report.
110 The surplus assets as as shown in the final report of the Liquidator of a. society Which has been wound up, may either be divided by the Registrar, With the previous sanction of the State Government amongst its members in such manners, as may be prescribed or be devoted to any object or objects provided in the bye-laws of the society, if they specify that such a. surplus shall be utilised for the particular purpose or may be utilised for both the purposm. Where ' the surplus is not so divided amongst the members and the society has no such bye-lew, the surplus shall vest in the Registrar, who shall hold it in trust and shell transfer it to the Reserve Fund of a new society regis— tered With a. similar object, and serving more or less an area Which the society to Which the Surplus belonged was serving :
Provided that, Where no such society exists or is registered Within three years of the cancellation of the society Whose surplus is vested in the Registrar, the Registrar may distribute the Surplus, in the manner he thinks best, amongst any or all of the following :~
(3) an object of public utility and of local interest as may be recommended by the members in a, general meeting held under the preceding section ;
(b) a federal Society With similar object to Which the cancelled society was eligible for affiliation 01', Where no federal society exists, the state federal society Which may be notified in this behalf by the State Government, and
(c) any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890. I Disposal of surplus assets.
Application of Chapter to Land Development Ranks,
CHAPTER XI LAND DEVELOPMENT BANKS
111. This Chapter shall apply to— (a.) Co-operative Banks advancing loans, other than short term loans for purposes herein enumerated (hereinafter referred to as Land Development Banks) that is to say :—
(i) land improvement and productive purposes ;
(ii) the creation, rebuilding or repairing of house for agricultural purposes;
(iii) the purchase or acquisition of title to agricultural lands by tenant purchasers or tenants under the Manipur Land Revenue and Land Reforms Act, 1960 and any corresponding law for the time being in force in any part of the ‘State ; or 5
(iv) the liquidation of debts under law for the time being in force in any part of the State ; and
(b) any other co-operative bank permitted by the Registrar under Section 142 to function as a Land Development Bank.
Explanation 1.—For the purpOSes of this section, short term 1 an means a. loan for a duration of less than 15 months.
Explanation 2.——Land improvement and productive purposes means any work, construction or activity which adds to the productivxty of the land and, in particular, includes the following, that is to say —
(a) construction and repair of wells (including tube wells), tanks and other work for the storage, supply or distribution of water for the purpose of agriculture, or for the use of men and cattle employed in agriculture ;
(b) renewal or reconstruction of any of the foregoing works, or alterations therein, or additions thereto ;
(0) preparation of land for irrigation ;
(d) drainage, reclamation from rivers or other waters, or protection from floods or from erosion or other damage by water, of land used for agricultural purposes, or waste land Which is cultivable ;
(e) bunding and similar improvements ;
(f) reclamation, clearance and enclosure or permanent improvement of land for agricultural purposes ;
(g) horticulture ;
(h) purchase of oil engines, pumping sets and electrical motors for any of the purposes mentioned herein ;
(i) purchase of tractors or other agricultural machinery ;
(5) increase of the productive capacity of land by addition to it of special variety of Soil ;
(51:) construction of permanent farm-houses, cattle-sheds, and sheds for processing of agricultural produce at any stage ;
(1) purchase of machinery for crushing sugarcane, manufacturing gur or khandsary or sugar ;
(m) purchase of land for consolidation of holdings under the Manipur Land Revenue and Land Reforms Act. 1960.
\n) such other purposes as the State Government may, from time to time, by notification in the Official Gazette, declare to be improvement or productive purpose for the purpose of this Chapter.
112. There shall be a State Land Development Bank for the State of Manipur, and eswmany Primary Land Development Bank as may be deemed necessary.