Section 72 in Punjab Self-Supporting Co-operative Societies Act, 2006
72. Powers of liquidator.
(1)With effect from the date of appointment of liquidator in respect of any self-supporting co-operative society. whole of the assets of such society shall vest in the liquidator.(2)With a view to carry out the work related to liquidation of the self-supporting co-operative society, the liquidator may,-(a)appoint lawyers, accountants, engineers, appraisers or any other professional advisors or retain them, if already appointed;(b)institute, conduct and defend suits and other proceedings on behalf of the self-supporting co-operative society;(c)carry on business so far as may be necessary for the purpose of liquidation of the self-supporting co-operative society;(d)dispose of any property of the self-supporting co-operative society by public auction;(e)execute any document in the name and on behalf of the self-supporting co-operative society;(f)borrow money on the security of the property of the self-supporting co-operative society;(g)settle or compromise any claim by or against the self-supporting co-operative society; and(h)do any other Act, which he considers necessary for the purpose of liquidation of the self-supporting co-operative society.(3)Where the liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the self-supporting co-operative society, he may take suitable steps for restoration of that property to the liquidator.(4)The liquidator shall determine as to by whom and in what proportion, the cost of liquidation is to be borne.(5)Where the deficit arising out of the operation of the business of a self-supporting co-operative society, which was required to be used or settled as per provisions of section 19, but the same has not been disposed of or settled, the liquidator may apportion the same with the concerned members of the self-supporting co-operative society by giving an opportunity of being heard to them.
