Section 41 in Jammu and Kashmir Co-operative Societies Rules, 2001
41. Procedure to be adopted by liquidator
- Where a liquidator has been appointed under sub-section (1) of section 75 of the Act, the following procedure shall be adopted:-(a)The appointment of the liquidator shall be notified by the Registrar in the Government Gazette.(b)The liquidator shall, as soon as the order of winding up of the society takes effect, publish by such means as he may think proper a notice requiring all claims against the society the winding up of which has been ordered, to be submitted to him within two months of publication of the notice. All liabilities recorded in the account book of society shall be deemed to see facts to have been duly submitted to him under this clause.(c)The liquidator shall after setting the assets and liabilities of the society as they stood on the date on which the order for winding up is made, proceed next to determine the contribution to be made by each of its members, past members, or by the estates or nominees, heirs or legal representatives of the deceased members or by any office bearer or former office bearer to the assets of other society under clauses (b) and (e) of sub-section (2) of section 76 of the Act, should necessity arise, however, he may also make a subsidiary order regarding such contribution and such order shall be enforceable in the same manner as the original order.(d)The liquidator shall submit to the Registrar a quarterly report in such form as the Registrar may specify, showing the progress made in the liquidation of the society.(e)The liquidator may empower any person, by general or special order in writing to make collections and to grant valid receipts on his behalf.(f)All funds in the charge of the liquidator shall be deposited in the Government Treasury or in the Post-Office Saving Bank or in a Co-operative Bank or with such other Bank or persons as may be approved by the Registrar and shall stand in his name.(g)The Registrar shall fix the amount of remuneration if arty, to be paid to the liquidator, the remuneration shall be included in the cost of liquidation which shall be paid out of the assets of the society in priority to all other claims.(h)The liquidator shall have power to call for meetings of members of the society under liquidation.(i)At the conclusion of the liquidation, a General meeting of the society which has wound up shall be called at which the liquidator or any person authorised by him by special or general order in writing in this behalf shall summarise the result of his proceedings and shall lake a vote as to the disposal of any surplus funds in the manner prescribed in rule 32.(j)If any liability cannot be discharged by the liquidator owing to the whereabouts of the claims not being known or for any other cause, the amount covered by such undischarged liabilities may be deposited in a Co-operative Bank and shall be available for meeting the claims of the persons concerned.(k)A liquidator may at any time, be removed by the Registrar and he shall on such removal be bound to hand over all the property and documents relating to the society under liquidation to such persons as the Registrar may direct.(l)The liquidator shall keep such books and accounts as may from time to time be required by the Registrar who may at any time cause such books and accounts to be audited.(m)All the books and records of a society whose registration has been cancelled, and the proceedings of liquidation may be destroyed by the Registrar after the expiry of the three years from the completion of the liquidation.
