Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 2 : Winding Up and Judicial Management of Co-operatives

Part A : Winding-Up of Co-operatives

Liquidation, trading, distribution and contribution accounts and application of proceeds

112. Amendment of liquidation, distribution or contribution account
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(1)If the registrar upholds or partially upholds an objection against a liquidation, distribution or contribution account under regulation 111(3), or if he or she is of the opinion that any such account is incorrect in any respect, he or she must order the liquidator to amend the relevant account in such manner as may be determined by him or her.

 

(2)If the registrar is of the opinion that the interests of any person are materially prejudiced by an amendment of a liquidation, distribution or contribution account under sub regulation (1), the provisions of regulation 110 and 111 and this regulation will be applicable to the amended account unless the said person submits a written statement to the registrar that he or she has no objection against such amendment.