Section 19 in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985
19. Application of Assets of The Multi-State Cooperative Society.
- The assets of the multi-State co-operative society shall be applied in order of priority as given below for payment of the liabilities :-(1)Pro-rata payment of all outside liabilities.(2)Pro-rata repayment of loans and deposits of members.(3)Pro-rata refund of share capital.(4)Pro-rata payment of dividend on the share at the rate not exceeding 6.25 per cent per annum for the period of liquidation.
