Section 77 in Sikkim Co-Operative Societies Act, 1978
77. Powers of Liquidator.
(1)Subject to any rules made in this behalf, the whole of the assets of a society, in respect of which an order for winding up has been made, shall vest in the liquidator appointed under section 76 from the date on which the order takes effect and the liquidator shall have power to realise such assets by sale or otherwise.(2)Such liquidator shall also have power, subject to the control of the Registrar(a)to institute and defend suits and other legal proceedings on behalf of the society in the name of his office;(b)to determine from time to time the contribution (including debts due and costs of liquidation) to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members by or any officers or former officers, to the assets of the society;(c)to investigate all claims against the society and subject to the provisions of this Act, to decide questions of priority arising between claimants;(d)to pay claims against the society including interest up to the date of winding up according to their respective priorities, if any, in full or rate ably, as the assets of the society may permit; the surplus, if any, remaining after payment of the claims being applied in payment of interest from the date of such order of winding up at a rate fixed by him but not exceeding the contract rate in any case;(e)to determine by what persons and in what proportions the cost of the liquidation are to be borne;(f)to determine whether any person is a member, past member or nominee of deceased member;(g)to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding up the affairs of the society;(h)to carryon the business of the society so far as may be necessary for the beneficial winding up of the same;(i)to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging to have any claim, presently or future, whereby the society rendered liable;(j)to make any compromise or arrangement with any person between whom and the society there exists any dispute and to refer any such dispute to arbitration;(k)after consulting the members of the society to dispose of the surplus if any, remaining after paying the claims against the society in the' manner prescribed; and(l)to compromise all calls of liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the society and a contributory or alleged contributory or other debtor or person and all questions in any way relating to or affecting the assets or the winding up of the society on such terms as may be agreed and take any security for the discharge of any such call, liability, debt for claim and give a complete discharge in respect thereof.(3)When the affairs of a society have been wound up, the liquidator shall make a report to the Registrar and deposit the records of the society in such place as the Registrar may direct.
