| (1) | Despite the provisions of sections 72(1), 73(1) and 77(2) of the Cooperatives Act— |
| (ii) | recommend to the Minister responsible for co-operatives that a co-operative financial institution be wound-up; and |
| (iii) | apply to a court for a judicial management order; and |
| (b) | the Minister responsible for co-operatives may not order that a cooperative financial institution be wound-up without the written concurrence of the Authority, or the Agency, if functions of the Authority have been assigned or delegated to the Agency as contemplated in this Act. |
| (2) | Any application to a court for the winding-up, including the voluntary winding-up, of a co-operative financial institution must be served on the Authority. |
| (3) | Despite any other law, the Master of the High Court may only appoint a person recommended by the Authority as a provisional liquidator or liquidator of a co-operative financial institution, unless the Master is of the opinion that the recommended person is not fit and proper to be appointed as a provisional liquidator or liquidator of the co-operative financial institution concerned. |
| (4) | A liquidator of a co-operative financial institution that is voluntarily wound-up must submit to the Authority any documents that the co-operative financial institution being wound-up would have been obliged to submit in terms of this Act. |
[Section 40F inserted by section 290, item 7 in Schedule 4, of Act No. 9 of 2017 - effective 1 October 2018 (paragraph (h) of Notice 169 of 2018)]
