Section 47(2) in The Karnataka Souharda Sahakari Act, 1997
(2)The general body shall approve the resolution to wind up the Co-operative and to appoint a liquidator after the same is passed by two-thirds of the members present in the general meeting and voting. Such resolution shall contain the details of the assets and liabilities of the Co-operative, the claims of any creditors, the number of members and the nature and extent of interest of each member in the Co-operative. A copy of resolution after approval by the general body shall be sent by registered post to Registrar, [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] and Union Co-operative within fifteen days from the date of such approval.[Provided that in the case of a Co-operative Bank, no action in terms of sub-sections (1) and (2) shall be taken unless a copy of the application referred to in sub-section (1) is sent to the Reserve Bank or National Bank, as the case may be, and its consent obtained and] [Inserted by Act 21 of 2004 w.e.f. 31.3.2004.]Explanation. - In this section "interest" means interest of a member in a Co-operative and includes shares, member loans, deposits and obligations of any kind that,-(i)arise by virtue of the bye-laws of the Co-operative; and(ii)are owed by the Co-operative to the member.
