(1)

Subject to any rules made in this behalf, the whole of the assets of a registered society in respect of which an order for winding-up has been made, shall vest in the Liquidator appointed under section 138 from the date on which the order takes effect and the Liquidator shall have power to realise such assets by sale or otherwise.

(2)

Such Liquidator shall, subject to the control of the Registrar, also have power -

(a) to institute and defend suits and other legal proceedings on behalf of the registered society by the name of his office;

(b) to determine, from time to time, the contribution (including debts due) to be made or remaining to be made by the members or past members or by any officer or servant or former officer or servant or by the estates or nominees, heirs or legal representatives of deceased members, officers or servants to the assets of the society: Provided that the contribution to be made under this clause by a nominee, heirs or legal representatives of a deceased member, officer or servant shall be limited to the extent of the assets of the deceased in the hands of such nominee, heir or legal representative;

(c) to investigate all claims against the registered society and subject to the provisions of this Act, to decide questions of priority'- arising between claimants;

(d) to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging to, or in the custody of, the society by the same means and so far as may be in the same manner as is provided in the case of a Civil Court under the Code of Civil Procedure, 1908 (Central Act V of 1908);

(e) subject to any Rules made in this behalf, to pay claims against the registered society including interest up to the date of winding-up according to their respective priorities, if any, in full or rateably, as the assets of the society may permit; to apply the surplus, if any, remaining after payment of the claims for the payment of interest from the date of such order of winding-up at a rate fixed by him, but not exceeding the contract rate in any case;

(f) to determine by what persons and in what proportion the costs of the liquidation are to be borne;

(g) to determine whether any person is a member, past member or nominee of deceased member;

(h) to give such directions in regard to the collection and distribution of the assets of the society as may appear to him to be necessary for winding-up the affairs of the society;

(i) to carry on the business of the society so far as may be necessary for the beneficial winding-up of the same;

(j) with the previous approval of the prescribed authority, to make any compromise or arrangement with creditors or persons having any claim, present or future, whereby the society may be rendered liable;

(k) with the previous approval of the prescribed authority, to compromise all calls or liabilities to any calls and debts and liabilities capable or resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the society and alleged contributory or other debtor or a contributory or person apprehending liability to the society and all questions in any way relating to or affecting the assets or the winding-up of the society on such terms as may be agreed and take any security for the discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof, and

(l) to specify the time or times within which the creditors shall prove their claims against the registered society or be included for the benefit of any distribution made before those claims are proved.

(3)

Without prejudice to any other mode of recovery which is being taken or may be taken under this Act or any other law, for the time being in force, any sum ordered under this section to be recovered as a contribution to the assets of a registered society or as costs of liquidation may be recovered as if it were an arrears of land revenue and for the purposes of such recovery, the Registrar shall have the powers of a Collector under the Tamil Nadu Revenue Recovery Act, 1864 (Tamil Nadu Act II of 1864).

(4)

Save as provided in sub-section (3), orders made under this section shall, on application, be enforced by any Civil Court having local jurisdiction in the same manner as a decree of such Court.

(5)

When the affairs of a registered society have been wound up, the Liquidator shall make a report to the Registrar and deposit the record of the society in such place as the Registrar may direct.