State Act

THE KARNATAKA SOUHARDA SAHAKARI ACT, 1997

50. Powers of Liquidator.- (1) The liquidator may,- (a) retain lawyers, accountants, engineers, appraisers and other professional advisors; (b) defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the Co-operative; (c) carry on the business of the Co-operative as required for an orderly liquidation; (d) sell by public auction any property of the Co-operative; (e) do all acts and execute any documents in the name and on behalf of the Co-operative; (f) borrow money on the security of the property of the Co-operative; (g) settle or compromise any claims by or against the Co-operative; and (h) take all such steps that are necessary for the liquidation of the Co-operative. (2) Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the Co-operative, he shall inform 1[the Registrar]1 to take further action against such person. \(3) No liquidator or his relatives shall purchase directly or indirectly any part of the stock-in-trade, debts or assets of the Co-operative under liquidation.