Section 76B in Haryana Co-operative Societies Rules, 1989
76B. Transfer of Assets and Liabilities of Sick Societies By lease.
(a)In case the committee of the sick society fails to act on the advice of the Registrar as conveyed in the notice referred to in Annexure B, the Registrar shall proceed to transfer the assets and liabilities of the sick society on lease for a minimum period of five years and a maximum of ten years. The Registrar shall proceed to get the notice for lease published in at least two daily newspapers published in the State having, wide circulation and one National Daily having, wide circulation and shall give the substance of offer of lease by giving at least thirty days notice for the above purpose.(b)The notices for lease shall be got pasted in the office of Assistant Registrars and Deputy Registrars by the Registrar and also at all important places which are often visited by the public in general and the Registrar shall get the proclamation of lease and announced through a beat of drum at such places and among such parties as he deems fit.(c)It shall be clearly mentioned in the notice for lease that the party consenting to take the sick society on lease shall keep the co-operative character of the unit intact.(d)The party offering to take the sick society on lease shall not embark upon any other trade or business or industrial activity other than aimed at by the sick unit.(e)The lessee shall keep the accounts of the proposed unit strictly according to the system in practice.(f)The Registrar or his nominee shall be competent to conduct inspection/audit of the leased unit as per provisions of the Act. The Registrar or the person authorised to inspect/audit the unit shall have free access to the books of a accounts, leased out premises, factory, machinery and other assets.(g)In case lessee of the unit does not accept the entire staff of the sick unit, they shall be liable to pay such sums to the said staff as may be awarded by the competent Courts in terms of the provisions of the Industrial Disputes Act, 1947 (Act 14 of 1947).(h)The lessee shall not be permitted to sell, sub-let or remove from its original place, any assets without permission of the Registrar by giving full justification for the replacement/removal of any non-productive assets.(i)At the expiry of period of five years the working results of the unit would be reviewed and in the event of non-fulfilment by the lessee, the lease shall be cancelled and no further extension would be allowed.(j)The terms and conditions of lease shall be reduced in writing on a non-judicial stamp paper as required by the Indian Stamp Act 1899 (Act 2 of 1899), which shall be signed by the authorised person and duly attested by the Magistrate Ist Class having jurisdiction of the area where the sick unit is situated.Annexure `A'(See Rule 76-A)FromRegistrar,Co-operative Societies Haryana,Chandigarh.ToThe President,---------------------------------------,Subject : Transfer of assets and liabilities of _____________ into ___________On the perusal of balance sheet of your society for the year ending______, the undersigned has made an objective assessment of its financial position for the last three years ending_____________and as no possibility is in sight whereby the accumulated losses could be reclaimed and as is revealed in the balance sheet that majority of shares of this society are held by the Government, therefore, by virtue of the powers conferred upon me under Section 14(A)(1), I am of the opinion that the assets and liabilities of this society be transferred to_____________________________within a period of ninety days but not later than_________________.(Date)It is, therefore, desired of you to place this issue before the Committee of your society by convening a meeting of the same and seek its concurrence under intimation to the undersigned. If no reply is received within the stipulated time, the next course of action under the law to transfer the assets and liabilities shall be taken.Sd/-Registrar,Co-operative Societies Haryana,Chandigarh.Annexure `B'(See Rule 76-A and 76-B)FromRegistrar,Co-operative Societies Haryana,Chandigarh.ToThe Members of the committee of the,(Name of the society)Subject : Transfer of assets and liabilities of the society.Vide this office memo No.______________dated______________, the undersigned had issued some guidelines to you to transfer assets and liabilities of your society to a firm, Company, body or society, namely,_________________________the undersigned gave you ninety days time to comply with the above guidelines. No response, whatsoever, has so far been received from your side. The undersigned, being Registrar Co-operative Societies, hereby direct you to transfer assets and liabilities of the above society into______________________________________within a period.(Name of firm, society, company or body)of thirty days and if no response is received from your side within stipulated period then the undersigned will be left with no other alternative but to order transfer of assets and liabilities of your society into the aforesaid firm, company, body or society and your society shall stand dissolved.Registrar,Co-operative Societies Haryana,Chandigarh.
