Section 58 in The M.P. Swayatta Sahakarita Adhiniyam, 1999
58. Dissolution of co-operative by members.
(1)A co-operative may, by special resolution, authorise its own dissolution. A notice of the general meeting called for the purpose shall also be sent by registered post with an invitation to attend, to the Registrar, to creditors, if any, to any [principal co-operative] [Substituted by M.P. Act No. 16 of 2010 for the words 'secondary co-operative'.] to which the co-operative is affiliated, and to any co-operative with which a partnership contract has been entered into.(2)The invitee under sub-section (1) shall have the right only to make a presentation to the general body, if he wishes to do so, on the issue of the proposed dissolution.(3)Within fifteen days of such authorisation for dissolution, the co-operative shall send to the Registrar a copy by registered post of the authorisation to dissolve the co-operative.(4)The authorisation approved under sub-section (1) shall set out-(a)the assets and liabilities of the co-operative;(b)the claims of creditors;(c)the number of members;(d)the nature and extent of the members' interest in the co-operative;(e)the name and address of the liquidator appointed by the cooperative.(5)When the Registrar receives the special resolution passed under sub-section (1)-(a)where he is satisfied that the co-operative has no assets or liabilities, he shall dissolve the co-operative, delete its name from the register of co-operatives and issue a certificate of dissolution of such co-operative; or(b)he shall, within thirty days of the date of receipt of such resolution, cause at the expense of the co-operative a notice of the special resolution to be published once in the Gazette and once a week for two consecutive weeks in a newspaper published or distributed in the district where the head office of the cooperative is located.(6)In the case of dissolution, he Registrar may require, till the certificate of dissolution is issued by him, from the liquidator appointed by the co-operative or from any other person who is required to furnish information, a periodical return showing :-(a)the progress of dissolution;(b)the distribution of any undistributed surplus or reserve; and(c)any other relevant information.
