Section 47 in The Karnataka Souharda Sahakari Act, 1997
47. Winding up of a Co-operative.
(1)On an application made by not less than one-fifth of the members of a Co-operative to wind up the affairs of the said Co-operative, the board shall convene a general meeting by issuing a notice to each member. Such notice alongwith a notice to attend the general meeting shall also be issued to [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] union Co-operative, creditors, auditor and to the subsidiary organisation of the Co-operative, who shall also have a right to make a representation at the general body.(2)The general body shall approve the resolution to wind up the Co-operative and to appoint a liquidator after the same is passed by two-thirds of the members present in the general meeting and voting. Such resolution shall contain the details of the assets and liabilities of the Co-operative, the claims of any creditors, the number of members and the nature and extent of interest of each member in the Co-operative. A copy of resolution after approval by the general body shall be sent by registered post to Registrar, [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] and Union Co-operative within fifteen days from the date of such approval.[Provided that in the case of a Co-operative Bank, no action in terms of sub-sections (1) and (2) shall be taken unless a copy of the application referred to in sub-section (1) is sent to the Reserve Bank or National Bank, as the case may be, and its consent obtained and] [Inserted by Act 21 of 2004 w.e.f. 31.3.2004.]Explanation. - In this section "interest" means interest of a member in a Co-operative and includes shares, member loans, deposits and obligations of any kind that,-(i)arise by virtue of the bye-laws of the Co-operative; and(ii)are owed by the Co-operative to the member.(3)[The Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] may require from a Co-operative, liquidator or any other person who is required to furnish information, an annual or other returns showing,-(a)the progress of winding up;(b)the distribution of any undistributed surplus or reserves; and(c)any other information that [he may require.] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.](4)[ The Registrar after consideration of the information under sub-section (3) may approve the resolution to wind up the Co-operative and communicate the same to the said Co-operative and the Federal Co-operative. Such resolution shall take effect from the date of approval by the Registrar.] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.]
