Co-Operative Societies Act · 2015 Revised Edition · Part VII
45. Closure of liquidation
Official textFrom Attorney General's Chambers, unchanged
In the liquidation of a society whose registration has been cancelled, the funds, including the reserve fund, shall be applied first to the costs of liquidation, then to the discharge of the liabilities of the society, then to the payment of the share capital and then, provided the by-laws of the society permit, to the payment of a dividend at a rate not exceeding 10 per cent per annum for any period for which no disposal of profits was made.
by-laws
“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
When liquidation of a society has been closed and any creditor of that society has not claimed or received what is due to him under the scheme of distribution, notice of the closing of the liquidation shall be published in the Gazette; and, all claims against the funds of the society
Co-operative Societies liquidated shall be proscribed when 2 years have elapsed from the date of publication of the Gazette notice.
Any surplus remaining after the application of the funds to the purposes specified in subsection (1), including moneys remaining in respect of claims proscribed under subsection (2), shall be applied to such local object or objects of public utility as may be selected by a majority of the votes of the members of the society (as they existed at the date of the dissolution) assembled in a special meeting and approved of by the Registrar.
If within 3 months of the dissolution of the society the members fail to make a selection which is approved by the Registrar, the latter shall place the balance on deposit in some co-operative or other bank until a new co-operative society with a similar area of operation is registered, in which event it shall be credited to the reserve fund of such society.
The interest accruing in respect of the balance in any bank in accordance with the provisions of subsection (3) may be applied by the
Registrar for the furtherance of co-operative principles in such manner as the
Registrar
“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may be conferred upon him under that section;
Minister may, from time to time, direct.
Minister
“Minister” means Minister responsible for co-operative societies’ matters;
When any balance placed on deposit in a bank in accordance with the provision of subsection (3) has remained on deposit for a period of 10 years, the balance may after the expiration of such period be applied by the Registrar for such purposes specified in subsection (4) as the Minister may, from time to time, direct.
Terms defined in s 2
by-laws
Defined · s 2“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
co-operative principles
Defined · s 2“co-operative principles” includes — (a) voluntary and open membership; (b) member control; (c) member economic participations; (d) autonomy and independence; (e) education, training and information; (f) co-operation among co-operatives; and (g) concern for community;
dividend
Defined · s 2“dividend” means a share of the profits of a registered society divided among its members in proportion to the volume of capital held by them;
Minister
Defined · s 2“Minister” means Minister responsible for co-operative societies’ matters;
Registrar
Defined · s 2“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may be conferred upon him under that section;
Part VIII
Surcharge and Attachment
Part IX
Disputes
Part X
Rules
Part XI