(1) Where the registration of a registered society winding-up of is cancelled, the Registrar may appoint a Liquidator to registered wind-up the society if the society has not, within such society, period as may be prescribed from the date of the order of cancellation, taken any action under section 39.
(2) A Liquidator shall have power subject to the control of the Registrar—
(a) to institute or defend any action or other legal proceeding on behalf of the registered society by his name of office ;
(6) to determine, from time to time, the contribution to be made or remaining to be made by the members of the registered society, respectively, to the assets of the registered society ;
(c) to investigate all claims against the registered society and, subject to the provisions of this Act, to decide questions of priority arising between claimants ;
{d) to determine by what persons and in what proportions the costs of the liquidation are to be borne ;
and
(e) to give such directions in regard to the collection and distribution of the assets of the registered society as may appear to him to be necessary for winding-up the affairs of the registered society.
(3) Subject to any rules of procedure made under this Act a liquidator shall, in so far as such powers are necessary to carry out the purposes of this section, have power to summon and enforce the attendance of witnesses and to compel the production of documents, as far as may be, by the same means and in the same manner as is provided in the case of a civil court by the Code of Civil Procedure, 1908 (Central Act V of 1908).
(4) An order made under this section shall, on application, be enforced by any civil court having local jurisdiction in the same manner as a decree of such court.
Dissolution at registered societies and adjustment of their affairs.
On dissolution, no member to receive profit.
Liquidator to make up account after win ling up of registered society.
41. (I) A registered society may, by special resolution, determine that it shall be dissolved and thereupon it shall be dissolved forthwith or at the time specified in the resolution and all necessary steps shall be taken for the disposal and settlement of the property of the registered society and its claims and liabilities according to the by-laws, if any, of the registered society and if there are no by-laws, according as the committee, or where a special committee is appointed under sub-section (2), the special committee, may find it expedient.
(2) A registered society may, when passing the special resolution referred to in sub-section (1), appoint a special committee consisting of such number of members as may be specified in the resolution for winding-up the affairs of the registered society.
(3) If any dispute arises among the members of the registered society, the committee, or the special committee, if any, the adjustment of the affairs of the registered society shall be referred to the court and the court shall make such order in the matter as it shall deem fit ;
Provided that any matter decided by a special resolution of the registered society by the committee or by the special committee, if any, shall not be deemed to be a matter in dispute within the meaning of this sub-section.
(4) If the Central or any State Government is a member of , or a contributory to, or otherwise interested in, any registered society, such society shall not be dissolved under sub-section (1) without the consent of the Central or State Government concerned.
42. If, upon the dissolution of any registered society there shall remain after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the said society, or any of them, but shall be given to some other registered society or to any association of persons having the same objects or objects similar to those of such registered society, to be determined by a special resolution or in default thereof by the court :
Provided that this section shall not apply to any society which shall have been founded or established by the contributions of shareholders, in the nature of a joint stock company.