Section 50(1) in The Karnataka Souharda Sahakari Act, 1997
(1)The liquidator may,-(a)retain lawyers, accountants, engineers, appraisers and other professional advisors;(b)defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the Co-operative;(c)carry on the business of the Co-operative as required for an orderly liquidation;(d)sell by public auction any property of the Co-operative;(e)do all acts and execute any documents in the name and on behalf of the Co-operative;(f)borrow money on the security of the property of the Co-operative;(g)settle or compromise any claims by or against the Co-operative; and(h)take all such steps that are necessary for the liquidation of the Co-operative.
