(1) Subject to any rules made in this behalf, the whole of the assets of a Society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under Section
1. Substituted by Orissa Act 1 of 1979.
2. Substituted by Orissa Act 23 of 1994.
3. Substituted by Orissa Act 5 of 1970.
4. Substituted by Orissa Act 1 of 1979.
assets or the winding up of the Society on such terms as may be agreed and take in security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof.
2[(2-a) The Liquidator shall submit such reports and returns on the progress of liquidation of the Society and in such form and manner, as the Registrar may from time to time require.]
(3) When the affairs of a 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 and shall make over the surplus assets of the Society to the Registrar.
3[(4) Notwithstanding anything contained in this Act-
(a) no dispute touching the constitution, management or business of a Society, in respect of which an order for winding up has been made under Sub-Section (1), shall, on and after the date of commencement of Section 41 of the Orissa Co-operative Societies (Amendment) Act, 1991, be raised before any authority other than the Liquidator of the Society, and for that purpose, the Liquidator shall have powers to start, on his own motion, proceedings on behalf of the Society; and
(b) all proceedings under Section 68 concerning such Society, with whatever authority pending as on the said date of commencement shall stand transferred to the Liquidator on that date; and the Liquidator shall decide the disputes so raised/started or transferred, as the case may be, in accordance with law.]