Section 75 in The Orissa Co-operative Societies Act, 1962
75. Powers of Liquidator.
(1)Subject to any rules made in this behalf, the whole of the assets of a Society in respect of which an order for winding up has been made, shall vest in the Liquidator appointed under Section 73 from the date on which the order takes effect and the Liquidator shall have power to realise such assets by sale or otherwise.(2)Such Liquidator shall also have power [* * *] [Omitted by Orissa Act No. 28 of 1991, Section 41 (a) (i) force w.e.f. 1.5.1993.](a)to institute and defend suits and other legal proceedings on behalf of the Society, by the name of his office;(b)to determine from time to time the contribution (including debts due) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officer or former officers, to the assets of the Society;(c)[to settle, compromise or determine] [Substituted by Orissa Act No. 28 of 1991, Section 40 & Section 41 dated 31.12.1991, [Section 73 force w.e.f. 10.6.1997, Section 75 (2)c, force w.e.f. 1.5.1993].] all claims against the Society and subject to the provisions of this Act, to decide questions of priority arising between claimants;(d)to pay claims against the Society including interest up to the date of winding up according to their respective priorities, if any, in full or rateable, as the assets of the Society may permit, the surplus, if any, remaining after payment of the claims being applied in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case;(e)to determine by what persons and in what proportions, to the costs of the liquidation are to be borne;(f)to determine whether any person is a member, past member or nominee of a deceased member;(g)to give such direction in regard to the collection and distribution of the assets of the Society as may appear to him to be necessary for winding up the affairs of the Society;(h)to carry on the business of the Society so far as may be necessary for the beneficial winding up of the same;(i)to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, present or future, whereby the Society may be rendered liable; and(j)to [settle, compromise or determine] [Substituted by Orissa Act No. 28 of 1991, Section 41 (a) (ii) dated 31.12.1991 w.e.f. 1.5.1993.] all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent subsisting or supposed to subsist between the Society and a contributory or alleged contributory or other debtor or person apprehending liability to the Society and all questions in any way relating to or affecting the assets or the winding up of the Society on such terms as may be agreed and take in security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof.[(2-a) The Liquidator shall submit such reports and returns on the progress of liquidation of the Society and in such form and manner, as the Registrar may, from time to time, require.] [Inserted by Orissa Act No. 28 of 1991, Section 41 dated 31.12.1991, w.e.f. 1.5.1993.](3)When the affairs of Society have been wound up, the Liquidator shall make a report to the Registrar and deposit the records of the Society in such place as the Registrar may direct and shall make over the surplus assets of the Society to the Registrar.(4)[ Notwithstanding anything contained in this act -(a)no dispute touching the constitution, management or business of a Society, in respect of which an order for winding up has been made under Sub-Section (1) shall, on and after the date of commencement of Section 41 of the Orissa Co-operative Societies (Amendment) Act, 1991, be raised before any authority other than the Liquidator of the Society, and for that purpose, the Liquidator shall have powers to start on his own motion, proceedings on behalf of the Society; and(b)all proceedings under Section 68 concerning such Society, with whatever authority pending as on the said date of commencement, shall stand transferred to the Liquidator on that date; and the Liquidator shall decide the disputes so raised/started or transferred, as the case may be, in accordance with law.]
