s 42
(1) A liquidator appointed under section 41 of this Ordinance shal, subject to the guidance and control of the Registrar and to any limitations imposed by the Registrar by order under section 43 of this Ordinance, have power to- (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; (6) 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; 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 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; ( deoidn by waosps of ignd inon atp to be (9) 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 thé society as may be necessary 1I the course of winding up the society; cancelled ion 39 of xist as a :der takes f dissoluon the 17 of this • In any legistrar. cancelled nance the on to be ¡ion 41 of ance and simposed 3 of this tributions members embers of creditors corded in tate their ded from .hey have ich arises a scheme titute and oceedings his name urt as le society; tions and 1alf; it proporare to be collection he society and docucessary in ciety; m.A17/66 CO-OPERATIVE SOCIETIES. (h) compromise any claim by or against the society provided the sanction of the Registrar has first been obtained; (2) call such general meetings oi 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; (1) carry on the business of the society so far as may be necessary for winding it up bene- 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 (2) by the Registrar. Neco. A17/66 (1-4-66)- (5) 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> f8) A liquidator shall, every three months, submit to the Registrar a report stating the progress made in winding up the attairs 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 andl accounts relating to such proceedings kept by him. (5) 4) Any liquidator appointed under this Ordinance shall in so tar as such powers are necessary. 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 1 Sessions man d terdttorshil esdecie ofia potis cobie. (albner 0rl/7) torthe control and revision of the Registrar, who-may— (a) rescind or vary any order made by a liquidator liquidation. and make whatever new order is rêquired; (b) remove a liquidator from office; (c) call for all books, documents and assets of the society; Sult No. 33 oF 1948. (d) by order in writing limit the powers of a liquidator section Ordinance; (e) require accounts to be rendered to him by the liquidator; (J) procure the auditing oi the liquidator's accounts and authorise the distribution of the assets of the society; (9) make an order for the remuneration of the liquidator, which remuneration shall be included in the costs of liquidation and shall be payable out of the assets in priority (Bub: 1-8-334/78) to all other claimsj. (h) refer any subject öl dispute between liquidator and any third party to arbitration if that party shall have consented in (14733496) writing to be bound by the decision of the arbitrator.