Section 51 in The Karnataka Souharda Sahakari Act, 1997
51. Final Accounts.
(1)A liquidator shall pay the costs of liquidation out of the property of the Co-operative and shall pay or make adequate provision for payment of all claims against the Co-operative.(2)After paying or making adequate provision for all claims against the Co-operative, the liquidator shall apply to [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] for approval of his final accounts and for permission to distribute in cash or in kind the amounts due to the members out of the remaining property of the Co-operative in accordance with the bye-laws.(3)Where the [the Registrar] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] approves the final accounts rendered by a liquidator in pursuance of sub-section (2), [he] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.] shall,-(a)issue directions regarding the custody or disposal of the documents and records of the Co-operative; and(b)discharge the liquidator.(4)[ Where the Registrar discharges the liquidator under sub-section (3), he shall issue a certificate of winding up of the Co-operative and cancel the registration of such Co-operative.] [Substituted by Act 21 of 2004 w.e.f. 31.3.2004.](5)The Co-operative ceases to exist as a corporate body from the date on which the certificate of registration is cancelled.
