(1) With effect from the date of appointment of liquidator in respect of any self-supporting co-operative society, whole of the assets of such society shall vest in the liquidator.
(2) With a view to carry out the work related to liqui dation of the self-supporting co-operative society, the liquidator ma y,—
(a) appoint lawyers, accountants, engineers, appraisers or any other professional advisors or retain them, if already appointed;
(b) institute, conduct and defend s uits and other proceedings on behalf of the self-supporting co-operative society ;
Powers of liquidator Bar on higuidator Disposal of surplus assets of liquidated self-supporting co-operative society.
122 PUNJAB GOVT GAZ. (EXTRA), NOV. 8, 201 0 (KRTK 17, 1932 SAKA) iiem— ") carry on Basiness so far as may be necessary for the purpose of liquidation of the self-supporting co-operative society ;
(d) dispose of any property of the self-supporti ng co-operative society by public auction | (¢) exccute any document in the name and on behalf of the selfsupporting, co-operative society |
(f) borrow money on the security of the property of the self supporting co-operative society :
(g) settle or compromise any claim by or against the selfsupporting co-operative society ; and
(h) do any other Act, which he considers necessary for the purpose of liquidation of the self-supporting co-operative society.
(3) Where the liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the self-supporting co-operative society, he may take suitable steps for restoration of that property to the liquidator.
(4) The liquidator shall determine as to by whom and in what proportion, the cost of liquidation is to be borne.
(5) Where the deficit arising out of the operation of the business of a self-supporting co-operative society, which was required to be used or settled as per provisions of section 19, but the same has not been disposed of or settled, the liquidator may apportion the same with the concerned members of the self-supporting co-operative society by giving an opportunity of being heard to them.
73. The liquidator shall not purchase directly or inproperty or part thereof or stockco-operative society of which h :
directly any in trade, debts or assests of the self-supporting e has been appointed liquidator.
oo 74. When all the liabilities including the paid-up share capital of a liquidated self-supporting co-operative society have been met. the surplus assets shall not be divided among its mem bers, but the same shall be applied to the objects described in the bye-laws. In case, no object is described to which the Pius assis can be applied, then the same can be applied to any object public utility related to the promotion and development of the co-operative movement. Y PUNJAB GOVT GAZ (EXTRA). NOV & 2010 123 (KRTK 17,193) SAKA)
75. When an order to wind up a self-supporting co-operative society Har of suits or has been passed by the peneral body or the Registrar, as the case may he. no leg proceedings sutt or other legal proceedings relating to the busmess of such society, shall be proceeded with or mstituted against the lignidator or agaist the society or any member thereof except with the permission of the Registrar and subject to such conditions, as he may impose