Section 72 in The M.P. Co-Operative Societies Act, 1960
72. Disposal of surplus assets of liquidated societies.
- After all the liabilities including the paid-up share capital of a wound up society have been met, the surplus assets shall not be divided amongst its members but they shall be applied to any object described in the bye-laws of the society and when no object is so described, to any object of public utility determined, by the general meeting of the society and approved by the Registrar or they may, in consultation with them either be assigned by the Registrar in whole or in part to any or all of the following-(a)an object of public utility or local or civic interest; or(b)the Madhya Pradesh Co-operative Union Ltd., or any other institution or Union; or(c)may be placed on deposit with a Central Co-operative Bank until such time as a new society with similar conditions is registered when with the consent of the Registrar such surplus may be credited to the Reserve Fund of such new society; or(d)a charitable purpose as defined in Section 2 of the Charitable Endowments Act, 1890 (VI of 1890); or(e)[ to each existing member in proportion to his paid up share capital.] [Inserted by M.P. Act No. 12 of 1994 (w.e.f. 8-5-1994).]
