Liquidator’s powers

(1) A liquidator appointed under section 41 of this Act shall, subject to the guidance and control of the Registrar and to any limitations imposed by the Registrar by order under section 43 of the Act have power to, (a) determine from time to time the contribution to be made by members and past members or by the estates of deceased members of the society to its assets; (b) appoint a day by notice before which creditors whose claims are not already recorded in the books of the society shall state their claims for admission or be excluded from any distribution made before they have proved them; (c) decide any question of priority which arises between creditors; (d) refer disputes to arbitration and institute and defend suits and other legal proceedings on behalf of the society by his name or office; (e) decide by what persons and in what proportions the costs of liquidation are to be borne; (f) give such directions in regard to the collection and distribution of assets as may be necessary in the course of winding-up the (g) compromise any claim by or against the society provided the sanction of the Registrar has been first obtained; 23 (h) call such general meetings of members as may be necessary for the proper conduct of the liquidation; (i) take possession of the books, documents and assets of the society; (j) sell the property of the society; (k) carry on the business of the society so far as may be necessary for winding it up beneficially, but nothing herein contained shall entitle the liquidator of a credit society, to issue any loan; and (l) arrange for the distribution of the assets of the society in a convenient manner when a scheme of distribution has been approved by the Registrar. (2) Subject to such rules as may be made in this behalf, any liquidator appointed under this Act shall in so far as such powers are necessary for carrying out the purposes of this section, have power to summon and enforce the attendance of parties and witnesses and to compel the production of documents by the same means and, so far as may be, in the manner as is provided in the case of a civil court.