LIQUIDATION
87.
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Mode of communication of an
interim order under Section 102:-
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An interim order under
clause (a) or sub-clause (iv) of clause (c) or sub-section (1) of Section 102
shall call upon the society in respect of which the order is made to submit
its explanation to the Registrar within one month from the date of issue of
such order and shall be communicated by registered post (with acknowledgement
due) to the society by the Registrar.
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88.
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Cost of hearing appeal:-
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No appeal from a member under Section 104 shall be entertained unless it is
accompanied by Rs. 25 or such higher amount not exceeding Rs. 500 as may be
directed by the appellate authority as security for the costs of hearing the
appeal.
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89.
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Appointment of Liquidator and the procedure to be followed and powers
to be exercised by him:-
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The following procedure shall be adopted for the appointment of the Liquidator and
for the exercise of his powers, namely :—
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(1)
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The appointment of the Liquidator shall be notified by the Registrar
in the Official Gazette.
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(2)
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As soon as may be after the interim order is issued under Section 102,
the Liquidator shall take over the custody and control of all the property,
effects and actionable claims and books, records and other documents
pertaining to the business of the society and continue to hold custody and
control thereof until the interim order is vacated.
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(3)
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Where the interim order is vacated, the Liquidator shall take action
in accordance with the provisions of sub-section (6) of Section 103.
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(4)
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Where the Liquidator receives the Registrars final order confirming
the interim order, the Liquidator shall publish by such means as he may think
proper a notice requiring all claims
against the society to be notified to him within two months of the
publication of the notice and shall thereafter proceed to take such further
action as he is empowered to take under the Act. All liabilities recorded in
the account books of the society shall be deemed ipso facto to have been duly
notified to the Liquidator under this rule.
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(5)
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The
Liquidator shall, after settling the assets and liabilities of the society as
they stood on the date on which the order for winding up is made, proceed to
determine the contribution to be made or remaining to be made to the assets
of the society by persons and estates referred to in clause (h) of Section
105 and by order call upon each of them to pay the amount specified in the
order as contribution and as costs of the liquidation determined under clause
(k) of Section 105. Every such order shall be submitted for approval to the
Registrar, who may modify it or refer it back to the Liquidator for further
inquiry or other action or may forward it for execution under Section 98.
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(6)
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If the sum assessed against any member is not recovered, the
Liquidator may issue subsidiary order or orders against any other member or
members to the extent of the liability of each for the debts of the society
until the whole amount due from members is recovered. The provisions of sub-rule
(5) shall mutatis mutandis apply to such orders.
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(7)
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The Liquidator shall submit a quarterly progress report and such other
returns and statements to the Registrar in such forms as the Registrar may
require, showing the progress made in the liquidation of the society.
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(8)
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The Liquidator may empower any person, by general or special order in
writing, to make collections and to grant valid receipts on his behalf.
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(9)
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Unless otherwise permitted by the Registrar, all funds in charge of
the Liquidator shall be deposited in the Apex State Co-operative Bank or a
Central Cooperative Bank or in the State Bank of India, and shall stand in
the name of the Liquidator.
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(10)
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The Registrar shall fix the amount of remuneration, if any, to be paid
to the Liquidator. The remuneration shall be included in the cost of
liquidation which shall be payable out of the assets of the society in
priority to other claims.
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(11)
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The Liquidator shall have power to call meetings of members of the
society in liquidation.
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(12)
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The
Liquidator may submit an application to the Registrar for the reconstruction
of the society under Section 19 if he is of opinion that such reconstruction
has a reasonable chance of success.
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(13)
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The Liquidator may, at any time, be removed by the Registrar and he
shall on such removal be bound to hand over all the property and documents
relating to the society in liquidation to such person or persons as the
Registrar may direct.
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(14-i)
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The Liquidator shall not exercise the powers under clauses (c), (d), (e), (f). (g), (h) and (k) of Section 105 without the prior approval
of the Registrar.
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(ii)
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An appeal
against the order of the Liquidator under clauses (a), (b), (i), (j), (l),
(m) and (n) of Section 105 shall lie to the Registrar.
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(15)
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The Liquidator shall keep such books and accounts as may from time to
time be required by the Registrar.
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(16)
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At the conclusion of the liquidation proceedings, a general meeting of
the members of the society shall be called. At such meeting, the Liquidator
shall summaries his proceedings, point out causes of the failure of the
society, and report what sum, if any, remains in his possession after meeting
all the liabilities of the society as determined under the rules and suggest
how the surplus, if any, should be utilised.
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90.
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Disposal of surplus assets:-
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Where the Registrar has to divide the surplus assets amongst members of the society which has been wound up,
he shall divide them in proportion to the share capital held by each of such
members or in any other suitable manner sanctioned by the State Government in
special cases.
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91.
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Interest on amounts due from a society under liquidation: -
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The creditor of a
society, which is being wound up, may apply to the Liquidator for payment of
interest on any debt due from the society up to the date of the Registrars
order for winding up. The rate at which interest shall be paid shall be in
the case of the Maharashtra State Co-operative Bank or a Co-operative Bank
permitted by the Registrar to finance societies, the contract rate and in any
other case the rate which may be fixed by the Registrar which shall not
exceed the contract rate-
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Provided
that, if any surplus assets remain after all the liabilities, including
liabilities on shares, have been paid off. Further interest on such debts at
a rate to be fixed by the Registrar but not exceeding the contract rate may
be allowed to the creditors from the date mentioned above up to the date of
the repayment of the principal.
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92.
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Disposal of
records of society whose registration is cancelled:-
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(1)
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When an order directing a society to be
wound up is issued under Section 102 and no Liquidator is appointed, the
officers of the society which is wound up shall, within fifteen days of the
publication of the order in the Official Gazette, send by registered post or
railway parcel, the records and books of the society to the Assistant Registrar
or Deputy Registrar concerned or hand over the same to the departmental local
auditor.
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(2)
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As soon as
may be after the affairs of a society for which a Liquidator has been
appointed have been wound up and an order cancelling the registration is made
under Section 21, the Liquidator shall forward all the books and records of
the wound-up society, and all his own papers and proceedings, by railway
parcel to the Assistant Registrar or the Deputy Registrar concerned together
with an account of his expenses, showing how the balance has been disposed
of, and attaching the receipt of the person to whom it was handed over.
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(3)
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All the
books and records of a society, whose registration has been cancelled, and
the proceedings of liquidation, shall be destroyed by the Assistant Registrar
or the Deputy Registrar, as the case may be, after the expiry of two years
from the date of the order cancelling the registration of the society.
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