Section 111(4) in West Bengal Co-operative Societies Act, 2006
(4)(a)The liquidator shall open a savings bank account with the bank where the Co-operative society had its account or with any other bank as the Registrar may approve and authorise in the name of the "Liquidator of ......... the Co-operative society". No money shall be invested in any other manner except by way of fixed deposit with any Co-operative society or nationalised bank without prior approval of the Registrar.(b)All moneys received in the proceedings of dissolution of the Co-operative society shall be deposited into such account within the next working day following the date of receipt of moneys.(c)All payments over one hundred rupees out of the aforesaid account shall be made by the liquidator by crossed or account payee cheque. The receipts and payments shall be entered in the cash book which shall be signed by the liquidator on the date of receipts or payments.
