Section 99 in The Goa Co-operative Societies Act, 2001
99. Termination of liquidation proceedings.
(1)The winding up proceedings of a society shall be closed as soon as practicable within six years from the date of the final order [under sub-section (2) of section 92 or from the date of the order under section 92A, as the case may be,] [For the expression 'under sub-section (2) of section 92,', the expression 'under sub-section (2) of section 92 or from the date of the order under section 92A, as the case may be,' substituted Amendment Act, 2004 (Goa Act 22 of 2004) published in O. G., Sr. I No. 23 dated 3rd September, 2004.] unless the period is extended by the Registrar:Provided that, the Registrar shall not grant any extension for a period exceeding one year at a time and four years in the aggregate, and shall, immediately after the expiry of ten years from the date aforesaid, deem that the liquidation proceedings have been terminated, and pass an order terminating the liquidation proceedings.Explanation. - In the case of a society which is under liquidation at the commencement of this Act, an order for the winding up of the society shall be deemed for the purpose of this section to have been passed on the date of such commencement.(2)Notwithstanding anything contained in the foregoing sub-section, the Registrar shall terminate the liquidation proceedings on receipt of the final report from the Liquidator. The final report of the Liquidator shall state that the liquidation proceedings of the society have been closed, and how the winding up has been conducted and the property of and the claims of the society have been disposed of and shall include a statement showing a summary of the account of the winding up including the cost of liquidation, the amount (if any) standing to the credit of the society in liquidation, after paying off its liabilities including the share or interest of members, and suggest how the surplus should be utilised.(3)The Registrar, on receipt of the final report from the Liquidator, shall direct the Liquidator to convene a general meeting of the members of the society for recording his final report.
