Karnataka Souharda Sahakari Act, 1997 Section 50 - Bare Act

Act Info:

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Section 50 - Powers of Liquidator

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(1) The liquidator may,-

(a) retain lawyers, accountants, engineers, appraisers and other professional advisors;

(b) defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the Co-operative;

(c) carry on the business of the Co-operative as required for an orderly liquidation;

(d) sell by public auction any property of the Co-operative;

(e) do all acts and execute any documents in the name and on behalf of the Co-operative;

(f) borrow money on the security of the property of the Co-operative;

(g) settle or compromise any claims by or against the Co-operative; and

(h) take all such steps that are necessary for the liquidation of the Co-operative.

(2) Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the Co-operative, he shall inform¹[the Registrar] Co-operative to take further action against such person.

(3) No liquidator or his relatives shall purchase directly or indirectly any part of the stock-in-trade, debts or assets of the Co-operative under liquidation.

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1. Substituted by Act 21 of 2004 w.e.f. 31.3.2004.

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