Section 67 in Sikkim Co-Operative Societies Act, 1955
67. Distribution of Fund of a dissolved Society.
- On dissolution of a, society, the reserve fund- and' any un-disbursed cash in hand shall be applied to, discharging the liabilities of the society and the repayment of the share. capital. Any sum, that may, remain shall be credited to the reserve fund of a society to be formed to replace, the dissolved society or, if there be any such society, to any other deserving society existing' within the same area of operation and having objects similar-to those of the dissolved society or, if there be no such society, to any other registered society in Sikkim as may, be determined by the Registrar and till then. the amount shall be deposited in the' name' of the Registrar 'in some Bank approved by the Durbar.
