Cap. 442 Art. 101Power of liquidator.

(1) Subject to the provisions of any order made by the

Board under article 102, a liquidator appointed by the Board shall have the power to -

(a) take immediate possession of all assets belonging to the society and of all books, records and other documents pertaining to the business thereof;

(b) carry on the business of the society in as far as may be necessary for winding up its affairs beneficially, provided that he shall not for this purpose be entitled to issue any loan;

(c) fix by notice published in one or more local newspapers the day before which creditors must present their claims in order that they may be admitted to any distribution;

(d) refer any dispute to arbitration and institute and defend suits and other legal proceedings on behalf of the society;

(e) take such decisions as may be necessary in regard to the collection and realisation of assets in the course of winding up the society;

(f) investigate all claims against the society and, subject to the provisions of this Act, decide questions of admissibility of claims and of priority between claimants;

(g) pay claims against the society, including interest payable up to the date of the dissolution order, according to their respective priorities, if any, in full or to such extent as the assets of such society permit;

(h) with the approval of the Board, enter into any compromise with regard to any claim by or against the meeting;

(j) subject to any rule limiting the liability of members and subject to the provisions of article 59, decide on the contributions to be made to its assets by members, past members or by the estates of deceased members of the society;

(k) submit a scheme of distribution to the Board for its approval, and arrange for the distribution of the assets of the society in a convenient manner; and

(l) report to the Board any suspected irregularities which occurred either before or after the dissolution order, and which come to his notice during the course of the dissolution.

(2) Any person aggrieved by any order of the liquidator made under the provisions of subarticle (1)(f), (j) or (l) may appeal in writing to the Board within thirty days from the date of such order.

(3) A liquidator shall deposit the funds and other assets of a dissolved society which are collected by him or which come into his possession as liquidator in such manner and in such place as may from time to time be determined by the Board.

(4) A liquidator shall, every year, submit to the Board a report stating the progress made in winding up the affairs of the society, as well as the audited financial statements of the society for that year and shall, on completion of the liquidation proceedings, submit a final report which includes an audited scheme of distribution and hand over to the Board all books, registers and accounts of the society in his possession.