Section 114 in Tamil Nadu Co-operative Societies Rules, 1988
114. Procedure to be adopted by Liquidator.
- Where a Liquidator has been appointed under sub-section (1) of section 138, the following procedure shall be adopted, namely:-(a)The appointment of Liquidator shall be notified by the Registrar in the Tamil Nadu Government Gazette.(b)The Liquidator shall publish by such means as he may think proper a notice requiring all claims against the society to be submitted to him within two months of the publication of such notice. All liabilities recorded in the account books of such society shall be deemed ipso facto to have been duly submitted to him under this clause.(c)The Liquidator shall, after settling the assets and liabilities of the society as they stood on the date on which the order under section 137 for its winding up was made, proceed next to determine the , contribution to be made by the person referred to in clause (b) of sub-section (2) of section 139 to the assets of the society. If however, necessity were to arise, he may also frame a subsidiary order or orders regarding such contribution and such orders shall be enforceable in the same manner as the original orders themselves.(d)The Liquidator shall submit to the Registrar a quarterly report, specifying the progress made in the winding up of the society.(e)The Liquidator may empower any person by general or special order in writing to make collections and to grant valid receipts on his behalf.(f)All funds in the charge of the liquidator shall be deposited in the Government treasury or in a financing bank or in a Co-operative bank as may be approved by the Registrar and shall stand in the name of the liquidator.(g)The remuneration of the liquidator fixed under sub-section (1) of section 138 shall be included in lire cost of winding up which shall be payable out of the assets of the society in priority to all other claims.(h)The Liquidator may call for meetings of members of the society, from time to time.(i)The authority competent to accord previous approval for the purpose of clause (j) or (k) of sub-section (2) of section 139 shall be the Registrar.(j)At the conclusion of the winding up, a general meeting of the society shall be called at which the Liquidator or any person authorised by him by general or special order in writing in this behalf shall summarise the result of his proceedings, and shall take a vote on as to the disposal of any surplus funds in the manner prescribed in sub-rule (2) of rule 100.(k)If any liability cannot be discharged by the Liquidator owing to the whereabouts of the claimants not being known or for any other cause, the amount covered by such undischarged liability may be deposited in a financing bank and shall be available for meeting the claims of the person or persons concerned. On expiry of three years from the date of deposit of such amount, the Registrar may, on his own motion or on the application of the financing bank, pass an order directing that the said amount shall be added to the bad debt reserve of the financing bank:Provided that no such order shall be passed by the Registrar unless he has published a notice of his intention to pass such order by beat of drum in the village or villages comprised within the area of operations of the society or by publication in the District Gazette concerned or by any other means which he may consider suitable and a period of thirty days has expired from the date of such publication.(l)A Liquidator may, at any time-, be removed by the Registrar and he shall, on such removal, be bound to hand over all the properties and documents relating to the society ordered to be wound up to such person as the Registrar may direct.(m)All the books and records of a society whose registration has been cancelled and the proceedings of liquidation may be destroyed by the Registrar after the expiry of three years from the completion or conclusion of the liquidation.
