Winding up.
Section 95
SEC. 95. Winding up.— The Administrator may, subject to the regulations prescribed, by an order in writing, direct that a co-operative shall be liquidated if:— After an audit under Section eighty-six or an inquiry under Section ninety or an inspection under Section ninety-one; or On an application made upon a resolution passed by three-fourths of the members of the co-operative present and qualified to vote at a special general assembly called for the purpose; or On the expiration of its term of existence; or The co-operative: has not commenced its business within one year from the date of registration; or has ceased working for one year; or has paid in capital below that prescribed in this Act or the regulations; or has membership below the requirements provided under Section twelve; or has failed to account to its members for business done or to send to the Administrator the annual report required under Section fifty-three within one year after the close of its fiscal year; or has been doing business liable to cause injury to the public; or has persistently neglected orders duly issued under the provisions of this Act, the regulations or the by-laws; or has not been able to be traced and no member, depositor, creditor and others with interest in it fail to show cause within one year after due notice has been given in the prescribed manner; or For any other causes as may be prescribed by the regulations, he is of the opinion that the affairs of the cooperative ought to be wound up. A copy of such order shall be communicated, in the prescribed manner, to the co-operative and to the federation of co-operatives, if any, of which the co-operative is a member. Any member, depositor or creditor of the co-operative, or any person whose interest could be affected by such order may, within one month from the date of publication of such order as prescribed in the regulations, appeal to the Secretary of Commerce and Industry from such order. The order shall take effect on the expiration of the time allowed for preferring an appeal under subsection (3) where no appeal is preferred; or where an appeal is preferred, upon rejection of the appeal by the Secretary of Commerce and Industry.