Section 7(6)(a) in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985

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Union of India - Subsection

Section 7(6)(a) in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985

(a)In the case of winding up of a multi-State co-operative society, the reserve fund and the other funds of the multi-State co-operative society shall be applied first in discharge of the liabilities of the multi-State co-operative society in accordance with the priority specified in items (i) to (vi) below:-

(i)salary and wages or other payments, if any, due to the employees of the multi-State cooperative society;

(ii)security deposits of staff, if any;

(iii)borrowings held from Government or on the guarantee of Government) if any;

(iv)deposits of non-members, if any; (v) loans, if any ; and (vi) deposits of members, if any.

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Union of India - Subsection

Section 7(6)(a) in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985