Section 111 in Mizoram Cooperative Societies Act, 2006
111. Appointment of liquidator.
(1)Where the Registrar has formed an opinion based on valid grounds or reasons to windup a co-operative, he may appoint a suitable and qualified person as liquidator for the purpose and fix his remuneration accordingly.(2)The liquidator, on his appointment, shall take into his custody or under his control all the property, effects and actionable claims to which the co-operative is or appears to be entitled and shall take all steps deemed necessary or expedient to vent further loss or deterioration of or damage to, such property, effects and claims and he may carryon the business of a co-operative so far as may be necessary with the approval and permission of Registrar.(3)Where an appeal is preferred against the order of winding up of a co-operative, such winding up order shall not become operative until the order i confirmed in appeal.(4)Where an order for winding up of co-operative is se aside in appeal, the property, effects and actionable claims of such co-operative shall revest in the same co-operative again.
