Cap. 442 Art. 105Cancellation of registration.

(1) When the affairs of a society have been wound up, the Board shall make an order cancelling the registration of such society and the society shall be struck off the register. A notice of such an order shall be published in the Gazette.

(2) The claim of any creditor of the society which remained unsatisfied under the approved scheme of distribution shall be barred by prescription on the expiration of two years from the date of a cancellation order of the society.

(3) Any moneys remaining after the application of the funds to the purpose specified in article 104 and any sums unclaimed during the period mentioned in subarticle (2), shall not be divided among the members, except in the case of the liquidation of a secondary society, but shall be deposited into the Co-operative Societies Liquidation Account kept by the Board.

(4) Any sum deposited into the Co-operative Societies Liquidation Account shall, after a period of five years, be transferred to the Fund.