Section 56 in The Orissa Self-Help Co-operatives Act, 2001
56. 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 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 for approval of his/her final accounts and for permission to distribute in money or in kind the remaining property of the Co-operative in accordance with the articles of association.(3)Where, the Registrar approves the final accounts rendered by a liquidator in pursuance of Sub-section (2), he/she shall -(a)issue directions with respect to the custody or disposal of the documents and records of the Co-operative; and(b)discharge the liquidator.(4)Where the Registrar discharges a liquidator in pursuance of Subsection (3), he/she shall dissolve the Co-operative, issue a certificate of dissolution and strike off its name from the register of Co-operatives.(5)The Co-operative ceases to exist on the date shown in the certificate of dissolution, which shall not be later than two years after the appointment of the liquidator.Chapter-X Miscellaneous
