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-operatives127. Purpose of meetings convened under regulation 126(b) |
(1)
| (a) | Any meeting convened under regulation 126(b) must be presided over by the registrar or a magistrate having jurisdiction in the area where the meeting is held. |
| (b) | Any meeting referred to in paragraph (a) must be convened— |
| (i) | in the case of a meeting of the co-operative concerned, in the manner prescribed in the constitution of that co-operative for the convening of a general meeting; and |
| (ii) | in the case of a meeting of creditors, by a notice in the Gazette and in one or more newspapers circulating in the area in which the registered office of the co-operative is situated, not less than seven days prior to such meeting. |
| (2) | At the meeting the report of the provisional judicial manager under regulation 126(c), and the desirability or not of placing the co-operative finally under judicial management, must be considered, taking into account the prospects of the co-operative becoming a successful concern. |
| (3) | The chairman of any such meeting must prepare and lay before the court or the Tribunal a report of the proceedings of such meeting, including a summary of the reasons for any conclusion arrived at under sub-regulation (2). |