Powers of Liquidator

A Liquidator appointed under section 68 shall have power to do any one or all of the following things– (a) to take immediate possession of all assets belonging to the credit union and of all books, records and other documents relating to the business of the credit union, to carry on the business of the credit union so far as may be necessary for its winding up and to raise on the security of the assets of the credit union the money requisite for this purpose; (b) to have disputes referred to the Registrar with recommendations that the dispute be settled by mediation or arbitration under section 66 and to institute and defend actions and other legal proceedings on behalf of the credit union in the name of the office of the Liquidator; (c) to investigate all claims against the credit union and, subject to the provisions of this Act, to decide questions of priority arising out of such claims, and to pay such claims on a prorated basis according to the amount of such debts; (d) to fix the time within which creditors shall prove their debts and claims or be included for 68 Credit Unions Act the benefit of any distribution made before those debts or claims are proved; (e) to make any compromise or arrangement with creditors having and alleging to have any claim, present or future, for which the credit union may be rendered liable; (f) to compromise all claims or liabilities to calls, debts and liabilities capable of resulting in debts and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the credit union and contributory or alleged contributory or other debtor or person apprehending liability to the credit union, and all questions in any way relating to or affecting the assets or the winding up of the credit union on such terms as may be agreed, and to take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof; (g) from time to time to determine the contribution to be made or remaining to be made by the members or past members or by the estates or nominees or legal representatives of deceased members or by any officer to the assets of the credit union; such contribution shall include debts due from such members or persons; (h) to determine by what persons and in what proportions the cost of liquidation shall be borne; (i) to arrange for the distribution of the assets of the credit union in a convenient manner when Credit Unions Act 69 a scheme of distribution has been approved by the Registrar; (j) to call such general meetings of the credit union as may be necessary; (k) to administer oaths, require the attendance of witnesses and other persons concerned with the management of the credit union and to require such persons to produce books, documents and other like matters relevant to the credit union.