Section 12 in The Chhattisgarh Co-operative Societies Rules, 1962
12. Compromise or arrangement for repayment of liabilities.
- [(1) On receipt of the order of the Registrar under sub-section (1) of Section 17, the society or the liquidator, as the case may be, shall issue notices of the meeting at the cost of the society, to the creditors or any class of them or the members, as the case may be, stating therein the date, time and place of the meeting and enclose with such notice the latest audited balance sheet of the Society and shall also send a notice to the Deputy Registrar or Assistant Registrar of Co-operative Societies in charge of the district in which the society is situated.] [Substituted by notification No. 5-4-88-XV-1, dated 28-6-88.](2)The President of the society or the liquidator in the case of the society which is being wound up, shall preside over the meeting. The question of compromise or arrangement shall be discussed in all aspects. A compromise or arrangement which appears to be prima facie practical and feasible shall be put to vote. Every creditor or member who is present in the meeting shall vote in person and no proxy shall be allowed. List of creditors or members, as the case may be, shall be prepared showing the names of those who approve of the compromise and of those who oppose the compromise and their signatures shall be taken.
