Section 76(2)(j) in Jammu and Kashmir Co-Operative Societies Act, 1989
(j)with the previous approval of the Registrar, to compromise all calls or liabilities to call debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent subsisting or supposed to subsisting between the society and a contributory or alleged contributory or other debtor or person apprehending liabilities to the co-operative society and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call liability, debt or claim and give a complete discharge in respect thereof.