1947-HKRS29-8-14_Part05 — Page 9

Cancellation

of Logiskre

flon of a

solety do

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(2) Any member of a registered society may, within two months from the date of an order under sub-section (1), appeal from such order to the Governor.

(3) Where no appeal is presented within two months from the making of an order cancelling the registra- tion of a society, the order shall take effect on the expiry of that period. Where an appeal is presented within two months, the order shall not take effect until it is confirmed.

(4) Where the Registrar makes an order for the cancellation of the registration of a society under sub-section (1) be may make such further order as lie may think it for the custody of the books and documents and the protection of the assets of the society until the order cancelling registration takes effect.

(5) No registered society shall be wound up save by an order of the Registrar,

39. The Registrar may, by order in writing, cancel the registration of any registered society other than a society which includes among its members one or more registered membership. Societies, if at any time it is proved to his satisfaction that the number of the members has been reduced to less than Len. Every such order shall take effect from the date thereof.

to hack of

Effect of cancella. bien.

Liquidation afcer cancellation of registra tion of

dociety.

Liquidator's power.

40. Where the registration of a society is cancelled by an order under section 38 or under section 39 the society shall cease to exist as a corporate body from the date o which the order takes effect, hereinafter referred to as the date of dissolution:

Provided that any privileges conferred on the society by or under sections 14, 15, 16 and 17 shall be deemed to be vested in any liquidator appointed for that society by the Registrar.

41. Where the registration of a society is cancelled under section 38 or section 39 the Registrar may appoint one or more persons to be, subject to his direction and control, the liquidator or liquidators of the society.

42. (1) A liquidator appointed under section 41 shail, subject to the guidance and control of the Registrar and to any limitations imposed by the Registrar by order under section 43, have power to-m

(a) determine from time to time the contribu- tion to be made by members and past members or by the estates of deceased members of the society to ita assets;

(b) appoint a day by notice before which creditors whose claims are not afready recorded in the books of the society shall state their claims for admission or to be excluded from any distribution made before they have proved them;

(c) decide any question of priority which arises

between creditors;

(d) refer disputes to arbitration and institute and defend suits and other legal proceedings on behalf of the society by his name or office;

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(e) decide by what persons and in what pro- portions the costs of liquidation are to be borde;

(give such directions in regard to the col- lection 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 líquidation;

(D) take possession of the books, documents and assets of the society;

(1) sell the property of the society;

(k) carry on the business of the society so far

aa 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

(1) arrange for the distribution of the assete of the society in a convenient manner when a scheme of distribution has been approved by the Registrar.

(2) Bubject 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 the court of a magistrate.

18. A liquidator shall exercise his powers subject to Power of 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 authorise the distribution of the assets of the society;

(g) make an order for the remuneration of the liquidator; or

(k) refer any subject of dispute between a liquida- tor and any third party to arbitration if that party shail have consented in writing to be bound by the decision of the arbitrator.

Begietrar to control Liquidation,