Co-operative Societies (Special Provisions) Act (No. 35 of 1970)

Sri Lanka Consolidated Acts

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Co-operative Societies (Special Provisions) Act (No. 35 of 1970) - Sect 5

Powers of liquidator

(1) A liquidator appointed under this Act shall, subject to the guidance and control of the Registrar and to any limitations imposed by the Registrar by order under section 6, have power to

	(a) determine from time to time the contributions to be made by members and past members or by the estates of deceased members of the society to its assets;

	(b) appoint a day by proclamation or notice before which creditors whose claims are not already recorded in the books of the society shall state their claims for admission or be excluded from any distribution made before they have proved them;

	(c) decide any question of priority which arises between creditors;

	(d) refer for arbitration under section 53 of the principal enactment any dispute of any description mentioned in that section (references therein to the society being construed as references to the liquidator), and institute and defend suits and other legal proceedings on behalf of the society by his name or office;

	(e) decide by what persons and in what proportions the costs of liquidation are to be borne;

	(f) give such directions in regard to the collection and distribution of assets as may be necessary in the course of winding up the society;

	(g) compromise any claim by or against the society provided the sanction of the Registrar has first been obtained;

	(h) call such general meetings of members as may be necessary for the proper conduct of the liquidation;

	(i) take possession of the books, documents and other assets of the society;

	(j) sell the property of the society;

	(k) carry on the business of the society so far as may be necessary for winding it up beneficially :

	(l) arrange for the distribution of the assets of the society in a convenient manner when a scheme of distribution has been approved by the Registrar.

(2) Subject to such rules as may be made in that behalf, any liquidator appointed under this Act shall, in so far as such powers are necessary for carrying out the purposes of this section, have power to summon and enforce the attendance of parties and witnesses and to compel the production of documents by the same means and (so far as may be) in the same manner as is provided in the case of a District Court under the Civil Procedure Code.

(3) Where under paragraph (d) of sub-section (1), any dispute is referred by a liquidator for arbitration under section 53 of the principal enactment, the provisions of the aforesaid section 53 shall apply in respect of all matters relating to such reference and the provisions of section 53a of that enactment shall, in any appropriate case, apply to the enforcement of any decision or award made under the aforesaid section 53.

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