(1) A liquidator shall pay the costs of liquidation out of the property of the co-
operative society and shall pay or make adequate provision for all claims against
the co-operative society.
(2) Subject to the provisions of section 102 after paying or making adequate
provision for all claims against the co-operative society, the liquidator shall apply
to the Registrar for approval of his final accounts and for permission to distribute
in cash or in kind, the remaining property of the co-operative society in
accordance with the rules.
(3) Where the Registrar approves the final accounts rendered by a liquidator
under sub-section (2), he shall -
(i) issue directions with respect to the custody or disposal of the
documents and records of the co-operative society; and
(ii) discharge the liquidator.
(4) Where the Registrar discharges a liquidator under sub-section (3) the
Registrar shall dissolve the co-operative society, issue a certificate of dissolution
and delete its name from the register of co-operative societies.
(5) The co-operative society ceases to exist on the date shown in the certificate
of dissolution, which shall not be later than seven hundred and thirty days after
the appointment of the liquidator.
(6) An order passed under sub-section (1) shall be communicated by registered
post to the president of the co-operative society and to the financing bank or
federal co-operative society to which co-operative society if indebted, if any, of
which the co-operative society was a member.
Section 103 • THE DELHI CO-OPERATIVE SOCIETIES ACT, 2003
Section 103. Final accounts.
the-delhi-co-operative-societies-act-2003-sec-103.json
•
Section 103
{
"act_title": "THE DELHI CO-OPERATIVE SOCIETIES ACT, 2003",
"act_slug": "the-delhi-co-operative-societies-act-2003",
"section_label": "Section",
"section": {
"number": "103",
"title": "Section 103. Final accounts.",
"chapter": null,
"content": "(1) A liquidator shall pay the costs of liquidation out of the property of the co-\noperative society and shall pay or make adequate provision for all claims against \nthe co-operative society. \n(2) Subject to the provisions of section 102 after paying or making adequate \nprovision for all claims against the co-operative society, the liquidator shall apply \nto the Registrar for approval of his final accounts and for permission to distribute \nin cash or in kind, the remaining property of the co-operative society in \naccordance with the rules. \n(3) Where the Registrar approves the final accounts rendered by a liquidator \nunder sub-section (2), he shall - \n(i) issue directions with respect to the custody or disposal of the \ndocuments and records of the co-operative society; and \n(ii) discharge the liquidator. \n(4) Where the Registrar discharges a liquidator under sub-section (3) the \nRegistrar shall dissolve the co-operative society, issue a certificate of dissolution \nand delete its name from the register of co-operative societies. \n(5) The co-operative society ceases to exist on the date shown in the certificate \nof dissolution, which shall not be later than seven hundred and thirty days after \nthe appointment of the liquidator. \n(6) An order passed under sub-section (1) shall be communicated by registered \npost to the president of the co-operative society and to the financing bank or \nfederal co-operative society to which co-operative society if indebted, if any, of \nwhich the co-operative society was a member.",
"footnote": "",
"is_definition": false,
"sort_order": 1130
},
"prev_section": "102",
"next_section": "115"
}