Section 49(3) in The Karnataka Souharda Sahakari Act, 1997
(3)The liquidator shall,-(a)take into custody and control the property of the Co-operative;(b)prepare a statement of assets and liabilities of the Co-operative under liquidation and send a copy of such statement to the Federal Co-operative and to the Registrar [and in the case of a Co-operative Bank, also to Reserve Bank] [Inserted by Act 21 of 2004 w.e.f. 31.3.2004.](c)open and maintain a trust account for the money of the Co-operative;(d)keep accounts of the money of the Co-operative received and paid out by him;(e)maintain separate lists of the members, creditors and other persons having claims against the Co-operative;(f)[ where at any time, he determines that the co-operative or the co-operative bank is unable to pay or adequately provide for the discharge of its obligations, apply in the case of a Co-operative Bank to Reserve Bank, and in other cases to the Registrar for directions;] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.](g)deliver to [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] atleast once in every six months, period or more often as the [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] may require, financial statements of the Co-operative in any form that the liquidator considers proper or that the [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] may require [and in the case Cooperative Bank, deliver such financial statement also to the Reserve Bank.] [Inserted by Act 21 of 2004 w.e.f. 31.3.2004.]
