Section 50 in The Karnataka Souharda Sahakari Act, 1997
50. Powers of Liquidator.
(1)The liquidator may,-(a)retain lawyers, accountants, engineers, appraisers and other professional advisors;(b)defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the Co-operative;(c)carry on the business of the Co-operative as required for an orderly liquidation;(d)sell by public auction any property of the Co-operative;(e)do all acts and execute any documents in the name and on behalf of the Co-operative;(f)borrow money on the security of the property of the Co-operative;(g)settle or compromise any claims by or against the Co-operative; and(h)take all such steps that are necessary for the liquidation of the Co-operative.(2)Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the Co-operative, he shall inform [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] to take further action against such person.(3)No liquidator or his relatives shall purchase directly or indirectly any part of the stock-in-trade, debts or assets of the Co-operative under liquidation.
