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[Cites 0, Cited by 0] [Section 100(2)] [Section 100] [Entire Act]

State of Tamilnadu - Subsection

Section 100(2)(a) in Tamil Nadu Co-operative Societies Rules, 1988

(a)In the case of a society other than a financing bank,-
(i)The surplus funds shall be applied to such object of public utility as may be selected by the general meeting of the members of the society ordered to be wound up, and approved by the Registrar. It shall be competent for the Liquidator to constitute a trust to carry out such object and to require the general meeting to select a trustee or trustees from among both former members and others. If the general meeting does not select a trustee or trustees or if the selection of the trustee or trustees by the general meeting is not acceptable to the Liquidator, the Liquidator may himself appoint a trustee or trustees, as the case may be. The trustee or trustees; as the case maybe, shall execute a deed in such form as the Registrar may, from time to time, specify and shall utilise the said funds for the said purpose within a period of three years from the date of execution of the deed. If the trustee or trustees fails or fail to utilise the amount within the aforesaid period in accordance with the terms of the trust deed, it shall be competent for the Registrar, after giving an opportunity to the trustee or trustees to state his or their objections, if any, to assign the amount to the reserve fund of the financing bank working in the area in which the society ordered to be wound up carried on its operations or to the co-operative research and development fund or the co-operative education fund. A trust created under this sub-clause shall be governed by the provisions of the Indian Trusts Act, 1882 (Central Act II of 1882).
(ii)If within thirty days after the issue of notice by the Liquidator appointed to wind-up the affairs of the society, the general meeting fails to make any selection, the Registrar may place the surplus funds on deposit or 'otherwise with the financing bank working in the area in which the society ordered to be wound up carried on its operations, until a new co-operative society with similar objects is registered in such area in which case the funds shall be credited to the reserve fund of such society. If, in the opinion of the Registrar, there is no prospect of a new society being formed in such area within a reasonable time, the Registrar shall assign the amount to the bad deb t reserve or the reserve fund of the financing bank working in such area or to the co-operative research and development fund or the co-operative education find.