Co-operatives Act, 2005 (Act No. 14 of 2005)RegulationsCo-operatives Administrative Regulations, 2016Chapter 2 : Winding Up and Judicial Management of Co-operativesPart B : Judicial Management of Co-operatives123. Provisional judicial management order |
| (1) | A court or the Tribunal may, on an application made under regulation 122, grant a provisional judicial management order stating the return day or dismiss the application or make any other order that it deems fit. |
| (2) | A provisional judicial management order must contain— |
| (a) | directives that the co-operative named therein will be under the management and control, subject to the supervision of the registrar and support by the Tribunal, of a provisional judicial manager appointed as hereinafter provided, and that any person vested with the management and control of the co-operative's affairs will from the date of the order be divested thereof. |
| (b) | such other directives as the court or the Tribunal may deem necessary as to the management and control of the co-operative, or any matter incidental thereto, including directives conferring upon the provisional judicial manager the power, subject to the rights of the creditors, to raise money in any way without the authority of the members of the co-operative as the court or the Tribunal may deem necessary; |
and may contain instructions that while the co-operative is under judicial management, all actions, legal proceedings and the execution of all writs, summonses and other legal process against the co-operative be stayed and not be proceeded with without the leave of the court or the Tribunal.
| (3) | The court or the Tribunal which has granted a provisional judicial management order may at any time and in any manner on the application of the applicant, the co-operative, a creditor or a member of the co-operative, the provisional judicial manager or on the recommendation of the registrar, vary the terms of such order or discharge it. |