State · Jammu and Kashmir
Section 57 of The JAMMU AND KASHMIR SELF-RELIANT COOPERATIVES ACT, 1999
- (1)A liquidator shall pay the costs of liquidation out of the property of the cooperative and shall pay or make adequate provision for all claims against the cooperative.
- (2)After paying or making adequate provision for all claims against the cooperative, the liquidator shall apply to the Registrar for approval of his/her final accounts and for permission to distribute in money or in kind the remaining property of the cooperative in accordance with the articles of association.
- (3)Where the Registrar approves the final accounts rendered by a liquidator in pursuance of sub- section (2), he/she shall,––
- (a)issue directions with respect to the custody or disposal of the documents and records of the cooperative ; and
- (b)discharge the liquidator ;
- (4)Where the Registrar discharges a liquidator in pursuance of sub-section (3), he/she shall dissolve the cooperative, issue a certificate of dissolution and strike off its name from the register of cooperatives.
- (5)The cooperative ceases to exist on the date shown in the certificate of dissolution, which shall not be later than two years after the appointment of the liquidator.