Powers of liquidator.
Section 97
SEC. 97. Powers of liquidator.— Notwithstanding the provisions of subsections (3) and (4) of Section ninety-five, a liquidator appointed under Section ninety-six shall have the power, from the date of his appointment, to take immediate possession and control of the business, property, assets, claims, books, records, and other documents of every description of the co-operative, and he shall investigate the existing financial condition of the co-operative at the time of his appointment and make an inventory of the property, and shall draw up a balance sheet, all of which shall be forwarded to the Administrator for approval. The Administrator may, if he thinks necessary, consult the general assembly of members before such approval. Upon the issuance of the order of liquidation of the co-operative the liquidator shall, subject to the regulations and under the control and supervision of the Administrator, have power, as far as is necessary for the beneficial winding up of the affairs of the co-operative, on behalf of the co-operative, in the name of his Office, to carry on the business thereof to do all acts and execute all documents necessary to such winding up, and in particular shall exercise the following powers: To institute and defend suits and other legal proceedings; To enter into any compromise or arrangement with any person between whom and the co-operative there exists any dispute and to refer such dispute to arbitration; To determine from time to time the contribution to be made or remaining to be made by the members or past members or by the estates or nominees, or heirs or legal representatives of deceased members or by any present or former officers, board of directors, committee members to the assets of the co-operative, such contribution including debts due from such members or persons, and to revise from time to time any order of contribution to realize such contributions, until the winding up is completed; To investigate all claims against the co-operative and, subject to the provisions of this Act, to decide questions of priority arising out of such claims and to pay in full or ratably, as the assets of the co-operative permit; and to apply the surplus, if any, remaining after payment of the claims in full, in the payment of interest from the date of the order of winding up at a rate; to be fixed by him but not exceeding the contract rate; To pay any class or classes of creditors in full; To calculate the costs of liquidation and to determine by what persons and in what proportions they shall be borne; To give such directions in regards to the collection and distribution of the assets of the co-operative for winding up of the affairs of the co-operative; To fix the time within which creditors shall prove their debts and claims or be included for the benefit of any distribution made before those debts or claims are proved; and To dispose of, by consulting the members' general assembly, the surplus, if any, remaining after paying the claims against the co-operative in accordance with the purposes of subsection (4) of Section eighty-one and subsection (3) of Section eighty-two: Provided, That the liquidator shall not determine the contribution, debt or dues to be recovered from any person unless an opportunity has been given to such person to answer the claim. The liquidator shall not distribute the property of the co-operative to its members until the payment of all debts has been made or secured by deposit for payment and the approval of the Administrator is obtained. When the work of the liquidator is completed he must without delay draw up and submit a final report to the Administrator and on his approval place the report before the general assembly for its sanction. When the final report of liquidation has been sanctioned by the general assembly, the liquidator shall deposit the records of the co-operative in such place as the Administrator may direct. Any person aggrieved by any order of the liquidator, may, in the prescribed manner, appeal to the Administrator against such order within a month from the date of the issue of the order.