Section 108(4) in The Manipur Co-operative Societies Act, 1976
(4)The Liquidator shall be held liable for any irregularities which might be discovered in the course of or as a result of audit in respect of transactions subsequent in his taking over the affairs of the society and may be proceeded against as if it were an act against which action could be take under Section 88:Provided that no such action shall be taken unless the irregularities have caused or are likely to cause loss to the society, and have accrued due to gross negligence or wanton omission, in carrying out the duties and functions.
