Section 42 — AKTA KOPERASI 1948

(a)

determine from time to time the contributions 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 be excluded from any distribution made before they have proved them;

(c)

decide any question of priority which arises between claimants and draw up a scheme for the payment of their dues;

(d)

refer disputes to arbitration and institute and defend suits and other legal proceedings by and on behalf of the society by his name of office and to appear in Court as a litigant in person on behalf of the society;

(e)

empower any person to make collections and to grant valid receipts on his behalf;

(f)

decide by what persons and in what proportions the costs of liquidation are to be borne;

(g)

give such directions in regard to the collection and distribution of the assets of the society and the disposal of the books and documents of the society as may be necessary in the course of winding up the society;

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it propor are to be collection the society and docucessary inciety;

(h)

compromise any claim by or against the society provided the sanction of the Registrar has first been obtained;

(i)

call such general meetings of members as may be necessary for the proper conduct of the liquidation;

(j)

take possession of the books, documents and assets of the society;

(k)

sell the property of the society;

(l)

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

(m)

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)

A liquidator shall deposit the funds and other assets of a dissolved society which are collected by him or which come into his possession as liquidator in such manner and in such place as may from time to time be determined by the Registrar.

(4)

(3)

A liquidator shall, every three months, submit to the Registrar a report stating the progress made in winding up the affairs of the society, and shall, on completion of the liquidation proceedings, submit a final report and make over to the Registrar all books, registers and accounts belonging to the society and all books and accounts relating to such proceedings kept by him.

(5)

(4)

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 same manner as is provided in the case of a District Court.