CAP. 33]
Liquidator's power.
Co-operative Societies.
42. (1) A liquidator appointed under section 41 shall, 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--
(a) determine from time to time the contribution to be made by members and past members or by the estates of deceased members of the society to its assets;
(b) appoint a day by notice before which creditors whose claims are not already 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;
(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
268
CAP. 33]
Liquidator's power.
Co-operative Societies.
42. (1) A liquidator appointed under section 41 shall, 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--
(a) determine from time to time the contribution to be made by members and past members or by the estates of deceased members of the society to its assets;
(b) appoint a day by notice before which creditors whose claims are not already 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;
(e) decide by what persons and in what proportions the
costs of liquidation are to be borne;
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: Pro- vided that nothing herein contained shall entitle the liquidator of a credit society to issue any loan; and (1) 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
268
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