Section 99 in The Meghalaya Co-operative Societies Rules
99. Distribution of assets and priority of claims.
(1)All Government dues including audit fees and all costs, charges and expenses incurred in the winding up of the society including the remuneration of the liquidator shall be payable in priority to all other claims.(2)After the liabilities other than owned capital as they stood on the date of winding up are paid off, the liquidator will submit to the Registrar his proposal of the distribution of the assets, if any, left with him for employment in the following order of priority-(i)all loans including those from Central and Apex Bank ;(ii)deposits from non-members ; and(iii)deposits from members.(3)After the liabilities mentioned in sub-clause (2) are paid off, the assets, if any, left with the liquidator, shall be employed in refunding share capital and dividend on shares, if any, at a rate not exceeding 6 ¼ per cent per annum payable as shown in the final balance-sheet.N.B. - (a) Payments shall always be made ratably on a pro-rata basis.(b)Payment of interest included in the claims of the above categories shall be deferred until full payment of principal has been made to all creditors.
