Section 76 in The Orissa Co-operative Societies Act, 1962
76. Disposal of surplus assets.
- The surplus assets of a Society made over by the Liquidator to the Registrar shall not be divided among its members, but shall be applied by the Registrar, in whole or in part to all or any of the following objects, namely :(a)any object specified in that behalf in the Bye-Laws of the Society;(b)an object of local public utility;(c)a charitable purpose as defined in Section 2 of the Charitable Endowments Act, 6 of 1890;(d)any union of Co-operative Societies the object of which is the development of the Co-operative movement; and(e)reserve fund of a new Society, if and when established with the same object and the same area of operation of the Society wound up.
