Section 109(1) in The Maharashtra Co-Operative Societies Act, 1960
(1)The winding up proceedings of a society shall be closed [as soon as practicable within six years] [These words were substituted for the words 'within three years' by Maharashtra 16 of 1969, Section 2(a).] from the date [the Liquidator takes over the custody or control of all the property, effects and actionable claims to which the society is or appears to be entitled and of all books, records and other documents pertaining to the business of the society, under sub-section (2) of section 103] [This portion was substituted for the words 'of the order of the winding up' by' Maharashtra 20 of 1986, Section 54(a).], unless the period is extended by the Registrar:Provided that, the Registrar shall not grant any extension for a period exceeding one year at a time and four years in the aggregate, and shall, immediately after the expiry of [ten years] [These words were substituted for the words 'seven years' by Maharashtra 16 of 1969, Section 2(b).] from the date [aforesaid] [This word was substituted for the words 'of the order for winding up of the society' by Maharashtra 20 of 1986, Section 54(b).], deem that the liquidation proceedings have been terminated, and pass an order terminating the liquidation proceedings.[Provided further that, if, due to termination of liquidation proceedings at the end of ten years, the Registrar comes to a conclusion that, the work of liquidation under section 105 could not be completed by the liquidator due to the reasons beyond his control, he shall call upon the liquidator to submit the report. After getting the report, if the Registrar is satisfied that the realisation of assets, properties, sale of properties still remained to be realised, he shall direct the liquidator to complete the entire work and carry out the activities only for the purposes of winding up and submit his report within such period not exceeding one year reckoned from the date of receipt of report from the liquidator.] [This proviso was inserted by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 66, (w.e.f. 14-2-2013).][Explanation. - In the case of a society which is under liquidation at the commencement of the Maharashtra Co-operative Societies (Second Amendment) Act, 1985 the period of six years shall be deemed to have commenced from the date on which the Liquidator took over the custody or control as aforesaid] [This Explanation was substituted for the original by Maharashtra 20 of 1986, Section 54(c).].
