Section 65 in The Punjab Co-operative Societies Rules, 1963
65. Disposal of surplus assets. [Section 59 (k)]
- After discharging the liabilities of the co-operative society and repayment of share-capital, the liquidator may utilise the surplus assets, if any, for one or more of the following purposes:-(a)deposit the amount in [the Central Co-operative Bank of the area which the Co-operative Society in question operates until a new co-operative Society with similar area of operation is registered when it shall be credited to reserve fund of the new co-operative society ;] [Word substituted by Punjab Government Gazette Notification dated 18.2.86 (Section 13)](b)any purpose connected with the development of co-operative movement, subject to the approval of the Registrar;(c)an object of public utility selected with due regard to the wishes of the members and approved by the Registrar.
