Power of Registrar pursuant to winding up order

(1) When pursuant to section 20 (1), the Registrar cancels the registration of a credit union, the assets and liabilities of the credit union shall immediately vest in the Registrar and the Registrar shall have in respect of those assets and liabilities the powers of a Liquidator under section 72. (2) The Registrar may, by notice published in the Gazette, delegate his power as a Liquidator to a suitably qualified person; but any such delegation shall be revocable at will and shall not preclude the Registrar from exercising the power.