(1)A Co-operative Society may, by a special resolution, authorise its own dissolution :Provided that a notice of the General Body Meeting shall also be sent with an invitation to attend, to the Registrar, to any federations of which the Co-operative Society is affiliated, to creditors and to any organisation with which a partnership contract has been entered into.(2)Invitees under the proviso of sub-section (1) shall have the right to make a representation to the General Body if they so wish to, giving reasons why dissolution is not called for.(3)Within fifteen days of such authorisation for dissolution, the Co-operative Society shall send to the Registrar a copy of the authorisation to dissolve the Co-operative Society by registered post.(4)The authorisation approved in pursuance of sub-section (1) is required to set out the following, namely:-(a)the assets and liabilities of the Co-operative Society ;(b)the claims of creditors, and collaborators and protected shareholders;(c)the number of members ;(d)the nature and extent of the member's interest in the Co-operative Society ; and(e)the name of the liquidator, if appointed by the General Body, or a request to the Registrar to appoint the liquidator a request to the Registrar to issue a certificate of dissolution where there are no assets or liabilities.(5)Where the Registrar receives the special resolution passed in pursuance of sub-section (1), he shall cause at the expense of the Co-operative Society a notice of the special resolution to be published once a week for two weeks in a newspaper published or distributed in the district where the registered office of the Co-operative Society is located.(6)The Registrar may require from the Co-operative Society, the liquidator appointed by the Co-operative Society or any other person who is required to furnish information, a periodical return showing,-(a)the progress of dissolution ;(b)the distribution of any undistributed surplus or reserve ; and(c)any other relevant information that he may require.
