s 45
Save in so far as is hereinbefore expressly diction of provided, no civil court shall have any jurisdiction in tho civil respect of any matter concerned with the dissolution court. of i registered society under this Ordinance, and no appeal shall lie to any civil court from any order of the liquidator. Closura of liquidation. 16. (1) In the liquidation of a society whose regissraerve han de enafine lap, ild tirsd t the dong oe liquidation, then to the discharge of the liabilities of the society, then to the payment of the share capital and then, provided the by-laws of the society permit, to the payment of a dividend at/a-rate-not-exeeeding ax- per centum per annum for any period for whiel no disposal-of profits-was-made. the powers of a this ed to him by the the liquidator's 3 distribution of meration of the sration shall be liquidation and essets in priority ute between a arty to arbitraue consented in : decision of the r on any matter this Ordinance and shall be er made by the ator or by the t5 of this Ordi- ECourt having registered office r as a decree of ›fore expressiy Jurisdiction in the dissolution inanice, and no n any order of y whose r'egisincluding the o the costs of le liabilities of › share capital society permit, nôt-exeeeding 4od for whieh CO-OPERATIVE -SOCIETIES. When the liquidation of a society has been <perses closed and anycreditor of that-soclety has not claimed (04-334/76) or received what is due to him under the scheme of nntino nf tha olnsino of the linnidation '(3) Any balance of the reserve fund which may remain after making the payments specified in sub-section (1) of this section, including moneys remaining in respect of claims prescribed under sub-section (2) of this section, shall be applied to such local object or objects of public utilty as may be selected by a majority of the votes of the members of the society (as they existed at the date of the dissolution) assembled inja special meeting and approved of by the Registrar. If within three months of the dissolution of the society the members fail to make a selection which 1s(NA-933476) approved of by the kegistran, the latter shall credit the above-mentioned balance of the reserve fund to the reserve fund of the co-operative societý, il any, to which the society was affiliated, or, if the • society was not affiliated to any other society, shall after obtaining the approval of the Member for Home-Affairs deal with the balance in all or any....:** of the following ways: AMs: 11.17/66 (i) he shall place the said balance or part thereof on deposit in some co-operative or other bank; or (ii) he shall invest the said balance or part thereof in the purchase of any investments authorised under section 4 of the Trustee [ố øn powers of a 42 of this IN IHILIIVICLLILL nanner as the 1 time to time ien years any or invested in ub-section (3) to the reserve ince with the such balance r such of the of this section / from time to le second day CKS, ive Council YMENT PKINTER CO-OPERATIVE SOCIETIES. (2) When the liquidation of a society has been /persen closed and any/ereditor of that-socioty has not claimed (A 4.334/76) or received what is due to him under the scheme of distribution, notice of the closing of the liquidation snall be published in the Gazette, and all claims against the funds of the society liquidated shall be proscribed when two years have elapsed trom the date of the publication of the Gazette notice. (5) Any balance of the reserve fund which may remain after making, the payments specified in section (1) of this section, including möneys remaining in respect of claims proscribed under sub-section (2) of this section, shall be applied to such local objectaluts or objects oi public utility as may be selected by a : majority of the votes of the members of the society et 3ae (as they existed at the date of the dissolution) assembled in a special meeting and approved of by the Registrar. If within three months of the dissolution of the society the members fail to make a selection which is approved of by the Registrar, the latter shall credit the above-mentioned balance of the reserve fund to the reserve fund of the co-operative society, it any, to which the society was affiliated, or, if the society was not affiliated to any other society, shall place the said balance on deposit in' some co-operative or other bank until a new co-operative society with a similar area of operations is registered, in which event it shail be credited to the reserve fund of such society. (4) 2/51 PART VIII. SURCHARGE AND ATTACHMENT.*