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CAP. 33]
Co-operative Societies.
(1964 Ed.
Power of
Registrar to control liquidation.
(d) refer disputes to arbitration and institute and defend suits and other legal proceedings on behalf of the society by his name or office;
(e) decide by what persons and in what proportions the costs
of liquidation are to be borne;
(f) give such directions in regard to the collection and distribution of assets as may be necessary in the course of winding up the society;
(g) compromise any claim by or against the society provided the sanction of the Registrar has first been obtained;
(h) call such general meetings of members as may be necessary for the proper conduct of the liquidation;
(i) take possession of the books, documents and assets of
the society;
(j) sell the property of the society;
(k) carry on the business of the society so far as may be
necessary for winding it up beneficially:
Provided that nothing herein contained shall entitle the liquidator of a credit society to issue any loan; and
(l) arrange for the distribution of the assets of the society in a convenient manner when a scheme of distribution has been approved by the Registrar.
(2) Subject to such rules as may be made in this behalf, any liquidator appointed under this Ordinance shall in so far as such powers are necessary for carrying out the purposes of this section, have power to summon and enforce the attendance of parties and witnesses and to compel the production of documents by the same means and (so far as may be) in the manner as is provided in the case of a magistrate.
43. A liquidator shall exercise his powers subject to the control and revision of the Registrar, who may-
(a) rescind or vary any order made by a liquidator and make
whatever new order is required;
(b) remove a liquidator from office;
(c) call for all books, documents and assets of the society;
(d) by order in writing limit the powers of a liquidator under
section 42;
(e) require accounts to be rendered to him by the liquidator;
(f) procure the auditing of the liquidator's accounts and
authorize the distribution of the assets of the society;
(g) make an order for the remuneration of the liquidator; or
(h) refer any subject of dispute between a liquidator and any third party to arbitration if that party shall have consented in writing to be bound by the decision of the arbitrator.
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