Section 75

determine from time to time the contributions to be made by members and past members or by the estates of deceased members of the co-operative society to its assets;

appoint a day by notice before which creditors whose claims are not already recorded in the books of the co-operative society shall state their claims for admission or be excluded from any distribution made before they have proved them;

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

institute and defend suits and other legal proceedings by and on behalf of the co-operative society by his name or office and to appear in court as a litigant in person on behalf of the co-operative society;

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

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 the assets of the co-operative society and the disposal of the books and documents of the co-operative society as may be necessary in the course of winding up the co-operative society;

compromise any claim by or against the co-operative society provided the sanction of the Commission has first been obtained;

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

take possession of the books, documents and assets of the co-operative society;

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sell, convey, transfer, assign, exchange, surrender and yield up, lease, mortgage, charge, recover, reassign, or otherwise deal with, all or any part of the properties of the co-operative society, and deal with the proceeds thereof in any manner for the benefit, or in the interest, of the co-operative society or the members, depositors, creditors or customers of, or persons having any lawful dealings or transactions with, the co-operative society;

enter into any arrangement, agreement, or scheme with any person whereby all or part of the properties of the co-operative society are sold, conveyed, transferred, assigned, exchanged, surrendered and yielded up, leased, mortgaged, charged, reassigned, 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 co-operative society including the deposit liabilities of the co-operative society;

enter into any arrangement, agreement, composition, compromise, or scheme, with any depositors, creditors, customers or persons having any lawful dealings or transactions with the co-operative society whereby any right of any such person, or any liability of the co-operative society to any such person, is made subject to the arrangement, agreement, composition, compromise or scheme entered into by the liquidator;

employ any person as an employee of the co-operative society, or terminate the employment of any employee of the co-operative 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;

carry on the business of the co-operative society so far as may be necessary for winding it up beneficially; and

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arrange for the distribution of the assets of the prescribed co-operative society in a convenient manner when a scheme of distribution has been approved by the

Commission.

Notwithstanding paragraph (1)(o), the liquidator of a prescribed co-operative society is not entitled to issue any loan.

A liquidator may refer any dispute to the Commission, and in relation to such dispute section 82 shall apply as if such dispute were a dispute touching the business of a co-operative society.

A liquidator shall deposit the funds and other assets of a dissolved co-operative 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 Commission.

A liquidator shall, every three months, or at such lesser intervals as the Commission may direct, submit to the Commission a report stating the progress made in winding up the affairs of the co-operative society, and shall, on completion of the liquidation proceedings, submit a final report and make over to the Commission all books, registers and accounts belonging to the co-operative society and all books and accounts relating to such proceedings kept by him.

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.

lf the Commission has, pursuant to subsection (4), determined that the funds of a dissolved co-operative society be remitted to it, such funds shall be held by it 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 it.

The funds held in the Co-operative Liquidation Account may be deposited or invested in accordance with the regulations, and the

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net income from such deposit or investment shall be credited to the Co-operative Central Fund which shall be held and administered by the

Commission in accordance with the regulations.