Malaysia legislation
Section 75
Section 75
(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 registered society to its assets;
(b)
appoint a day by notice before which creditors whose claims are not already recorded in the books of the registered 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)
institute and defend suits and other legal proceedings by and on behalf of the registered society by his name or 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 registered society and the disposal of the books and documents of the society as may be necessary in the course of winding up the society;
(h)
compromise any claim by or against the registered society provided the sanction of the Registrar-General has first been obtained;
(i)
call such general meetings of members or delegates as may be necessary for the proper conduct of the liquidation;
(j)
take possession of the books, documents and assets of the registered society;
(k)
sell, convey, transfer, assign, exchange, surrender and yield up, lease, mortgage, charge, recover, re-assign, or otherwise deal with, all or any part of the properties of the registered society, and deal with the proceeds thereof in any manner for the benefit, or in the interest, of the registered society or the members, depositors, creditors or customers of, or persons having any lawful dealings or transactions with, the registered society;
(1)
enter into any arrangement, agreement, or scheme with any person whereby all or part of the properties of the registered society are sold, conveyed, transferred, assigned, exchanged, surrendered and yielded up, leased, mortgaged, charged, re-assigned, or otherwise disposed of, to any person in consideration of such person agreeing to meet all, or a specified part of, the liabilities of the registered society including the deposit liabilities of the registered society;
(m)
enter into any arrangement, agreement composition, compromise, or scheme, with any depositors, creditors, customers or persons having any lawful dealings or transactions with the registered society whereby any right of any such person, or any liability of the registered society to any such person, is made subject to the arrangement, agreement, composition, compromise or scheme entered into by the liquidator;
(n)
employ any person as an employee of the registered society, or terminate the employment of any employee of the registered society, in accordance with the terms of the contract of service, or take such action, including disciplinary action and punishment, as may be deemed necessary, appropriate or expedient in respect of such employment or termination;
(o)
carry on the business of the registered society so far as may be necessary for winding,it up beneficially; and
(p)
arrange for the distribution of the assets of the registered society in a convenient manner when a scheme of distribution has been approved by the Registrar-General.
(2)
Notwithstanding paragraph (1) (o), the liquidator of a credit society is not entitled to issue any loan.
(3)
A liquidator may refer any dispute to the Registrar-General, and in relation to such dispute section 82 shall apply as if such dispute were a dispute touching the business of a registered society.
(4)
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-General.
(5)
A liquidator shall, every three months, or at such lesser intervals as the Registrar-General may direct, submit to the Registrar-General 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-General all books, registers and accounts belonging to the society and all books and accounts relating to such proceedings kept by him.
(6)
Any liquidator appointed under this Act 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 for in the case of a Sessions Court.
(7)
If the Registrar-General has, pursuant to subsection (4), determined that the funds of a dissolved society be remitted to him, such funds shall be held by him in a Trust Account to be known as the Co-operative Societies Liquidation Account pending their distribution to the beneficiaries in accordance with a scheme to be approved by him.
(8)
The funds held in the Co-operative Societies Liquidation Account may be deposited or invested in accordance with the Trustee Act 1949 and the net income from such deposit or investment shall be credited to the Co-operative Central Fund which shall be held and administered by the Registrar-General in accordance with the regulations.