Winding up and ancillary matters

(1) Where the Registrar, after an examination has been held under section 60, is of the opinion that the credit union ought to be wound up, he may make an order directing it to be wound up and may appoint a Liquidator for the purpose and fix his remuneration which shall be paid out of the funds of the credit (2) Where no Liquidator has been appointed the assets and liabilities of the credit union shall vest in the Registrar for a period not exceeding twelve months.