Section 111 in Himachal Pradesh Co-Operative Societies Rules, 1971
111. Distribution of assets.
(1)The audit fees due and all costs, charges and expenses incurred in the winding up of the society, including the remuneration of the Liquidator, shall be payable in priority to all other claims.(2)After the liabilities, other than the owned capital, as they stood on the date of order of winding up are paid up, the assets, if any, left with the Liquidator may be employed subject to the approval of the Registrar for the following purposes in order of priority :-(i)proportional refund to members of any contributions realised from them in addition to their own personal debts;(ii)prorate refund of share capital; and(iii)prorate payment of dividend on the share, if any, at the not exceeding six percent per annum for the whole period for which it has not been paid including the period of liquidation.
