Section 97 in Himachal Pradesh Co-Operative Societies Rules, 1971
97. Application for compromise between Co-operative Societies and its creditors.
(1)An application to the Registrar under section 77 shall contain the proposed terms and conditions of the compromise, or arrangements, and where the applicant is a society, shall be accompanied by a resolution of the general meeting proposing the compromise or arrangement.(2)On receipt of such an application, the Registrar may, if he is of opinion that the proposed terms and conditions of the compromise, or arrangement, shall be beneficial to the parties, give directions as to the following matters viz :-(i)the date or dates when the scheme of compromise or arrangement shall be placed before the creditors;(ii)the time and the place where the meeting (or meetings) of the creditors shall be held;(iii)the preparation by a person duly authorised by him of a statement containing the names of the creditors likely to be affected and the amount due by the society to each of them; and(iv)the time within which the Chairman of the meeting shall forward his report to the Registrar.(3)Together with the direction to be given under sub-rule (2), the Registrar may refer any question touching the compromise or arrangement for consideration and decision of the meeting and the Chairman of the meeting shall put such question to the meeting.
