Section 184 in West Bengal Co-operative Societies Rules, 2011
184. Distribution of Assets.
(1) Subject to provision of any other law, after calculation of the total realized assets, payment out of these assets shall be made in order of priority as mentioned below : (a)costs, charges and expenses of liquidation proceedings and remuneration of the liquidator, if any;(b)any sum borrowed on the security of the assets of the Co-operative society for the purpose of liquidation proceedings;(c)audit fee due and payable;(d)debts due to the government, local authority and financing bank;(e)claims of other creditors including personal debts and deposits of members and non-members. If adequate assets are not available, pro-rata payments shall be made.(2)After the liabilities under sub-rule (1) are paid off, the assets, if any, left with the liquidator may be applied with the approval of the Registrar for pro-rata refund of share capital to members and pro rata payment of dividend on the shares, if any, at a rate not exceeding six per cent per annum for the period of liquidation :(3)The liquidator, after taking steps under sub-rules (1) and (2), shall deal with the surplus assets, if any, in the following manner :(a)fifty per centof the surplus assets shall be credited to the Co-operative Education Fund maintained by the Co-operative Education Fund Committee and(b)fifty per centof the surplus assets shall be paid to the Chief Minister's Relief Fund of this State.
