Section 42 in Telangana Mutually Aided Co-Operative Societies Act, 1995
42. Duties of Liquidator.
- On his appointment, a liquidator shall,-(a)immediately give notice of his appointment,-(i)in the case of liquidator not appointed by the Registrar; and(ii)to each claimant and creditor known to the liquidator;(b)immediately published notice of his appointment once a week for two consecutive weeks in a newspaper published, distributed in the district where the Co-operative Society has registered office and take reasonable steps to give notice of the liquidation in every jurisdiction where the Co-operative Society carries on business;(c)place in the notice mentioned in clauses (a) and (b) a premises requiring any person,-(i)indebted to the Co-operative Society, to render an account and pay to the liquidator at the time and place specified any amount owing;(ii)possessing property of the Co-operative Society to deliver it to the liquidator at the time and place specified; and(iii)having a claim against the Co-operative Society whether liquidator unliquidated, future or contingent, to present particulars of the claim in writing to the liquidator not later than sixty days after the first publication of the notice;(d)take into custody and control the property of the Co-operative Society;(e)[ open and maintain Bank account for the moneys of the Co-operative Society;] [Substituted by G.O.Ms.No.28, Agriculture and Co-operation (Coop.II) Department, dated 19.04.2016.](f)keep accounts of the moneys of the Co-operative Society received and paid out by him;(g)maintain separate lists of the members, creditors and other persons having claims against the Co-operative Society;(h)where at any time he determines that the Co-operative Society is unable to pay or adequately provide for the discharge of its obligations, apply to the Registrar for directions; and(i)deliver to the Registrar, periodically as the Registrar may require, financial statements of the Co-operative Society in any form that the liquidator considers proper or that the Registrar may require.
